- As the reaccumulation phase of this cycle stretches on, Litecoin whales have tapped into the spree, refusing to be left out.
- Data from crypto market intelligence platform IntoTheBlock revealed that LTC’s largest investors accumulated more than 2.75 million litecoins in the past 30 days, indicating significant activity.
- “With whales having deposited 2,751,633 LTC in their wallets, the market participants have topped their collective LTC stash by more than $228 million at current prices.”
Explore the strategic moves by Litecoin whales and their impact on the cryptocurrency’s market dynamics.
Litecoin Whales Accumulate 2.7M LTC
The tweet by IntoTheBlock disclosed that addresses linked to Litecoin whales recorded their largest daily inflow since February earlier this month. On May 10, the whales moved over 900,000 LTC worth approximately $74.7 million into their wallets.
Litecoin Sees Remarkable Activity
Litecoin’s latest development comes almost two months after the largest American crypto exchange, Coinbase, launched a cash-settled futures contract product for the network, alongside similar investment vehicles for Dogecoin and Bitcoin Cash. The crypto trading platform announced in early March that the futures trading products would go live on April 1. The firm used the self-certification method to launch the contracts on the premise that they were compliant with the regulatory guidelines laid out by the U.S. Commodity Futures Trading Commission.
Conclusion
Despite the significant accumulation by Litecoin whales, the price of LTC has remained relatively stable, hovering within a narrow range. This activity highlights the complex dynamics of cryptocurrency markets, where large transactions do not always lead to immediate price movements.
