Santiment Data: In Few Weeks Litecoin Whales Stocked Up $30M Worth LTC
Litecoin (LTC) is experiencing a big wave of accumulation from LTC whales (wallets with at least 1K to 100K LTC), according to Blockchain analytics firm Santiment.
Santiment shared in a recent report that Litecoin whales have increased their holdings by roughly 270,000 LTC, or about $30,000,000 since 1 July, 2021.
The blockchain analytics company also notes that the activity on the Litecoin network is seeing more and more action, even before today’s Bitcoin jump.
“Despite a -13.8% drop in price, the amount of unique addresses interacting with LTC has grown by +47.5% over the last 10 days. Potential bullish divergence?”
Santiment points out that Litecoin’s market value to realized value (MVRV), which purpose is to spot market bottoms and tops, is at the same level it was at when LTC bottomed out in 2019 and 2020.
Source: Santiment
“Historically speaking, there’s still more room to the downside, but it’ll be interesting to see if -40% gets confirmed as a de-facto ‘bounceback’ zone in days to come…
…Still early to tell, but I’d keep an eye on Litecoin’s daily addresses this week. If the growth proves sustainable, it would be a rare example of network strength among crypto’s top caps.”
At the time fo writing Bitcoin is a middle of a huge corrective price move, currently trading $38,300, recording 21% price increase in weekly charts, according to CoinMarketCap. Litecoin has followed the trend, and is currently trading at $137, with 16% increase in weekly chart.
