Significant Litecoin Whale Activity
The cryptocurrency industry is buzzing with a notable surge in activity from large holders, commonly known as "whales." In recent weeks, on-chain transaction data has highlighted significant movements of cryptocurrencies to and from exchanges. Among these, Litecoin has particularly stood out, showcasing a dramatic increase in large-scale transactions.
According to IntoTheBlock, a crypto market intelligence platform, there has been an uptick in Litecoin's large transactions since late July. In just the past 24 hours, over $3.5 billion worth of Litecoin has been shuffled among these substantial holders.
IntoTheBlock's "Large Transactions" metric provides a closer look at this trend. It tracks transactions of $100,000 or more, classifying them as whale movements. Impressively, the past week has seen a cumulative $17.5 billion in these large transactions. This is noteworthy given the relatively quiet market sentiment surrounding Litecoin recently.
Social media insights from IntoTheBlock suggest that the Litecoin network is building user trust for seamlessly moving value. The recent peak saw 53.45 million LTC worth $3.43 billion shifted within a day. While such movement could indicate either selloffs or accumulation, the recent price trends suggest accumulation. Currently, Litecoin trades at $67.71, marking a 2% increase in the last 24 hours and an 11% rise over the past week, despite broader market corrections.
DOGE Whales Accumulating
Whale activity isn't just a Litecoin phenomenon. Dogecoin has also experienced a significant rise in large-scale transactions lately. New data from IntoTheBlock highlights a 50% increase in the number of Dogecoin holders possessing over 10 billion DOGE tokens in the past month. This shift has led to a negative $14.05 million net flow into crypto exchanges over the last week.
A negative net flow often suggests that more Dogecoin is being withdrawn from exchanges than deposited, signaling that holders might be transferring assets to private wallets for long-term holding rather than selling. On-chain data further reveals that Dogecoin addresses with a balance have expanded to 6.56 million, reflecting a 20% growth from eight months ago. As of now, DOGE is priced at $0.1027, having gained 1.9% within the last 24 hours.
These movements in both Litecoin and Dogecoin highlight the dynamic nature of the cryptocurrency markets and underscore the significant role of whale activities in influencing market trends.
