The cryptocurrency industry has experienced a notable surge in activity amongst large holders, also known as “whales,” over the past few weeks. This level of engagement has been revealed through on-chain transaction data, which has shown multiple instances of enormous cryptocurrency movements to and from exchanges.
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One cryptocurrency that has particularly stood out on this trend is Litecoin. Particularly, crypto market intelligence platform IntoTheBlock has revealed an uptick in Litecoin large transactions for the reason that last week of July. Prior to now 24 hours, over $3.5 billion value of Litecoin has been moved amongst large holders.
On a regular basis, people trust the #Litecoin network to quietly and effortlessly move value, adding as much as 10s of thousands and thousands in $LTC. Prior to now 24hrs over $3.5 billion dollars in value has been moved in ‘Large Transactions’ alone 👀Source: @intotheblock #FridayFeelings pic.twitter.com/TpCJO3Fsy1
— Litecoin (@litecoin) August 16, 2024
Significant Litecoin Whale Activity
IntoTheBlock’s large “Large Transactions” metric shows an interesting movement amongst addresses holding large amounts of Litecoin. This metric is designed to trace the number and total value of transactions value $100,000 or more and classifies them as whale movement.
In line with this metric, a cumulative $17.5 billion value of such transactions have been performed previously seven days. This may be very interesting considering that Litecoin has largely remained quiet by way of the overall market sentiment.
LTC market cap currently at $5 billion. Chart: TradingView.com
In line with a social media post by IntoTheBlock, the Litecoin network appears to be gaining trust amongst users to quietly and effortlessly move value. This movement peaked recently at 53.45 million LTC value $3.43 billion inside a 24-hour timeframe.
Although this increase in whale movement could possibly be selloffs in exchanges as much as accumulation, recent price motion points to the latter. On the time of writing, Litecoin is trading at $67.71, up by 2% within the last 24 hours and an 11% rise over the past week, at the same time as the broader cryptocurrency market undergoes a correction.
DOGE Whales Accumulating
The rise in whale activity shouldn’t be limited to Litecoin alone. Recent data from IntoTheBlock reveals that Dogecoin, the “king of meme coins,” has also seen a big uptick in large-scale transactions over the past few days. Notably, the variety of DODE holders holding greater than 10 billion DOGE tokens has increased by 50% throughout the last 30 days. This, in turn, has contributed to a negative $14.05 million netflow into crypto exchanges previously seven days.
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A negative net flow indicates that more Dogecoin is being withdrawn from exchanges than deposited, which may often signal that holders are opting to maneuver their assets to personal wallets in anticipation of holding them long-term somewhat than selling.
Moreover, on-chain data shows that Dogecoin addresses with a balance have grown to 6.56 million, which is a growth of 20% from eight months ago. On the time of writing, DOGE is trading at $0.1027 and has also posted 1.9% gains previously 24 hours.
Featured image from SoFi, chart from TradingView