As a seasoned crypto investor with a knack for spotting trends and patterns, I find the recent surge in whale activity, particularly around Litecoin and Dogecoin, quite intriguing. My personal journey in this dynamic world of digital currencies has taught me to always pay heed to such movements, as they often precede significant price actions.
Over the last few weeks, there’s been a significant increase in crypto trading among big investors, frequently called “whales.” This increased involvement is evident through blockchain transaction data, which highlights numerous occasions of large amounts of cryptocurrencies being transferred to and from digital exchanges.
A notable digital currency that’s grabbed attention recently is Litecoin. Notably, data from crypto market intelligence platform IntoTheBlock shows a surge in significant Litecoin transactions since late July. In fact, within the past day, more than $3.5 billion worth of Litecoin has been transferred among large investors.
— Litecoin (@litecoin) August 16, 2024
Significant Litecoin Whale Activity
As a data analyst, I’ve noticed some intriguing activity in the Litecoin market, specifically among accounts holding substantial amounts of this cryptocurrency. This is based on IntoTheBlock’s “Large Transactions” metric, which monitors the frequency and combined value of transactions exceeding $100,000 – a threshold we refer to as ‘whale movement.’
Over the last week, a total of approximately $17.5 billion has been transacted using this method. It’s intriguing to note that despite the overall market sentiment being relatively subdued, Litecoin has been relatively quiet.
Based on a social media post from IntoTheBlock, it appears that the Litecoin network is gradually earning user trust for its seamless and unassuming transfer of value. This transfer activity reached a high of approximately 53.45 million Litecoins, valued at around $3.43 billion, within the span of 24 hours.
Despite the possibility that the rise in whale activity might stem from selloffs on exchanges rather than accumulation, current market trends seem to suggest the latter is more likely. As I write this, Litecoin stands at $67.71, marking a 2% increase over the past day and a significant 11% surge over the last week. However, it’s important to note that the overall cryptocurrency market is currently experiencing a downturn.
DOGE Whales Accumulating
It’s important to note that the rise in whale activity isn’t exclusive to Litecoin. Data from IntoTheBlock indicates that Dogecoin, often referred to as the “king of meme coins,” has also experienced a substantial surge in large transactions over the last few days. Remarkably, the number of DOGE holders possessing more than 10 billion DOGE tokens has risen by half within the past month. This increase has led to a significant outflow of $14.05 million worth of crypto from exchanges over the past week.
When there’s a higher amount of Dogecoin withdrawals from exchanges compared to deposits, it usually means investors are choosing to transfer their coins to personal wallets for long-term storage instead of immediately selling them. This negative net flow could be seen as a sign that holders intend to keep their assets.
Additionally, it’s worth noting that the number of Dogecoin wallets containing coins has increased to approximately 6.56 million, marking a rise of around 20% compared to eight months ago. At the current moment, one DOGE is being traded at $0.1027 and has experienced a 1.9% increase in value over the past day.
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2024-08-18 16:16