Here’s How Much LTC Litecoin Whales Have Accumulated in The Past 30 Days

As the re-accumulation phase of this cycle continues, Litecoin whales have taken advantage of this flurry, and refuse to be dismissed.

Data from cryptocurrency market intelligence platform IntoTheBlock open The largest LTC investors have amassed more than 2.75 million LTC in the past 30 days, indicating significant activity.

LItecoin whales accumulate 2.7 million LTC

IntoTheBlock's tweet revealed that addresses linked to Litecoin whales recorded their largest daily inflow since February earlier this month. On May 10, whales transferred more than 900,000 Litecoins worth approximately $74.7 million to their wallets.

With whales depositing 2,751,633 LTC into their wallets, market participants have exceeded their collective stock of LTC by more than $228 million at current prices.

However, the ongoing accumulation spree has had little impact on LTC price movements. The cryptocurrency asset has hovered within a range of $80 to $86 in the past month, even falling to $76 on one occasion. At the time of writing, the data is from CoinMarketCap show up LTC is valued at $83.36, with minimal losses and gains in the past 24 hours and 30 days.

Litecoin is seeing significant activity

Litecoin's latest development comes roughly two months after the largest US cryptocurrency exchange, Coinbase, launched the network's cash-settled futures product, along with investment vehicles similar to Dogecoin and Bitcoin Cash.

The cryptocurrency trading platform announced in early March that its futures trading products would go live on April 1. The company used a self-certification method to launch contracts on the basis that they were compliant with regulatory guidelines set by the US Commodity Futures Commission. Trading Committee.

Since the Litecoin halving ten months ago, the network has seen a significant increase in the number of transactions and the number of active addresses. Shortly after the halving event, the number of long-term LTC holders more than doubled, surpassing five million. The rise indicates growing confidence in the cryptocurrency even as the cryptocurrency market suffers.

In December, the number of active addresses on Litecoin reached a new all-time high, exceeding 1.4 million. The increase in active addresses has also pushed the number of Litecoin wallets with balance to new highs.

In addition, Litecoin has seen significant development with the launch of the LTC-20 token standard, built on the network's Ordinals protocol.