The cryptocurrency industry has seen a significant spike in activity among large cryptocurrency holders, often referred to as “whales,” over the past few weeks. This level of engagement has been revealed by on-chain transaction data, which has shown multiple instances of large cryptocurrency movements to and from exchanges.
Related reading
Litecoin was one of the cryptocurrencies that particularly stood out in this trend. In particular, cryptocurrency market intelligence platform IntoTheBlock Revealed high In large Litecoin transactions since the last week of July. In the last 24 hours, over $3.5 billion worth of Litecoin has been moved between large holders.
Every day people trust in #litecoin A network to transfer value quietly and effortlessly, adding up to tens of millions of dollars. LitecoinIn the past 24 hours, over $3.5 billion worth of value has been traded in “large transactions” alone 👀Source: @into the block #Friday_feelings pic.twitter.com/TpCJO3Fsy1
— Litecoin (@litecoin) August 16, 2024
High activity of Litecoin whales
IntoTheBlock’s “Large Transactions” metric shows interesting movement among addresses holding large amounts of Litecoin. This metric is designed to track the number and total value of transactions worth $100K or more and classify them as whale activity.
According to this metric, $17.5 billion worth of transactions have been made in the past seven days. This is quite interesting given that Litecoin has remained largely quiet in terms of overall market sentiment.
According to a social media post by IntoTheBlock, the Litecoin network appears to be gaining users’ trust in moving value quietly and effortlessly. This movement recently peaked at 53.45 million LTC worth $3.43 billion in a 24-hour period.
While this surge in whale activity may be as much an exchange sell-off as an accumulation, recent price action suggests accumulation. At the time of writing, Litecoin is trading at $67.71, up 2% in the last 24 hours and up 11% over the past week, even as the broader crypto market corrects.
DOGE Whales Accumulate
The rise in whale activity is not limited to Litecoin alone. Data from IntoTheBlock reveals that Dogecoin, the “king of meme coins,” has also seen a huge spike in large-scale transactions over the past few days. It’s worth noting that Number of DODE holders The number of DOGE coins with over 10 billion tokens has increased by 50% over the past 30 days. This in turn has contributed to a net negative inflow of $14.05 million to cryptocurrency exchanges over the past seven days.
Related reading
A negative net flow indicates that more Dogecoin is being withdrawn from exchanges than is being deposited, which can often indicate that Dogecoin holders Choose to transfer their assets into private wallets in anticipation of holding them for the long term rather than selling them.
Furthermore, on-chain data shows that Dogecoin addresses contain The balances have grown to 6.56 million, which represents a 20% growth compared to eight months ago. At the time of writing, DOGE is trading at $0.1027 and has recorded a gain of 1.9% in the past 24 hours.
Featured image from SoFi, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.