The cryptocurrency industry has experienced a notable surge in activity among large holders, often referred to 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 large cryptocurrency movements to and from exchanges.
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One cryptocurrency that has particularly stood out in this trend is Litecoin. Particularly, crypto market intelligence platform IntoTheBlock has revealed an uptick in Litecoin large transactions since the last week of July. In the past 24 hours, over $3.5 billion worth of Litecoin has been moved among large holders.
Everyday, people trust the #Litecoin network to quietly and effortlessly move value, adding up to 10s of millions in $LTC. In the past 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 among addresses holding large amounts of Litecoin. This metric is designed to track the number and total value of transactions worth $100,000 or more and classifies them as whale movement.
According to this metric, a cumulative $17.5 billion worth of such transactions have been performed in the past seven days. This is very interesting considering that Litecoin has largely remained quiet in terms of the general market sentiment.
According to a social media post by IntoTheBlock, the Litecoin network seems to be gaining trust among users to quietly and effortlessly move value. This movement peaked recently at 53.45 million LTC worth $3.43 billion within a 24-hour timeframe.
Although this increase in whale movement could be selloffs in exchanges as much as accumulation, recent price action points to the latter. At the time of writing, Litecoin is trading at $67.71, up by 2% in the last 24 hours and an 11% rise over the past week, even as the broader cryptocurrency market undergoes a correction.
DOGE Whales Accumulating
The increase in whale activity is not limited to Litecoin alone. Recent data from IntoTheBlock reveals that Dogecoin, the “king of meme coins,” has also seen a significant uptick in large-scale transactions over the past few days. Notably, the number of DODE holders holding more than 10 billion DOGE tokens has increased by 50% within the last 30 days. This, in turn, has contributed to a negative $14.05 million netflow into crypto exchanges in the past seven days.
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A negative net flow indicates that more Dogecoin is being withdrawn from exchanges than deposited, which can often signal that holders are opting to move their assets to private wallets in anticipation of holding them long-term rather than selling.
Furthermore, 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. At the time of writing, DOGE is trading at $0.1027 and has also posted 1.9% gains in the past 24 hours.
Featured image from SoFi, chart from TradingView