Litecoin whales accumulate nearly 600,000 LTCs in 48 hours.
LTC saw a 1% increase after consecutive downtrends.
Litecoin [LTC] whales showed a commitment to collecting the cryptocurrency as the countdown to the next halving continued. However, the pressing question remains: to what extent has their accumulation affected LTC’s volume and price trajectory over the past few days?
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Litecoin holders are on the rise
New data has revealed the unyielding determination of Litecoin whales in amassing LTC, especially as the much-anticipated halving is only 13 days away. In the past 48 hours, these whales have successfully accumulated a staggering amount of approximately 600,000 LTC.
Notably, while these whales were actively acquiring LTC, there was a gradual increase in the number of holders, as indicated by Santiment. As of July 17, the total number of holders stood at 8.84 million. At present, however, this figure has risen to 8.85 million.
It is worth emphasizing that the total number of holders in May still hovered around 7 million.
Source: Sentiment
How Litecoin whales have moved in recent days
Close scrutiny of whale transaction data on Santiment has revealed a notable increase in whale activity in recent weeks. The number of whale trades specifically tracks trades over $100,000 and consistently records between 100 and 200 daily trades.
However, the number of transactions has dropped to 37 at the time of writing.
Source: Sentiment
Likewise, transactions over $1 million have also shown a respectable volume of activity. The accompanying chart illustrates that this metric surpassed more than 100 daily trades on certain days. At the time of writing, it stood at eight trades, indicating a relatively low level of activity.
Volume and price development
Litecoin volume did not show significant increases at the time of writing as it reached 478 million. This suggested that the currency was unaffected by the recent whale movements. The largest volume peak occurred on 1 July, over 3 billion.
Realistic or not, here is the market cap of LTC in terms of BTC
Moreover, after enduring a prolonged downtrend, Litecoin experienced a slight reprieve. Trade value as of press time hovered around $92.6, reflecting a gain of more than 1%. This positive shift comes after a consecutive five-day period in which trading sessions ended with losses.
In particular, the short moving average (yellow line) continued to act as a support level around $91 at the time of writing.
Source: TradingView
This post Litecoin whales remain relentless in their accumulation as the number of holders increases
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