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Litecoin Indicates Growth as Whales Begin a Monthlong Accumulation Spree

Thu, 01/13/2022 - 14:52
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Tomiwabold Olajide
Litecoin shows sign of life as whales enter a monthlong accumulation streak
Litecoin Indicates Growth as Whales Begin a Monthlong Accumulation Spree
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According to Santiment data, whale addresses holding 10,000 to 1 million Litecoin (LTC) tokens have accumulated 5% of the total supply in the last 15 weeks, or nearly four months. The on-chain analytics note that this streak is the longest since 2017, while hinting at signs of life for the altcoin.

Litecoin has steadily declined since topping out at $302 on Nov. 10. The price drop brought LTC to lows of $131.50 on Jan. 10, from which a mild rebound ensued. The monthlong fall saw whales filling up their bags, accumulating at a discount.

At the time of publication, Litecoin was changing hands at $138, down 2.35% on the day. At its present price, LTC is down 66.41% from all-time highs of $412 reached on May 10, 2021. According to CoinMarketCap, Litecoin presently ranks 22nd largest after it fell out of the top 10 following its recent declines.

MimbleWimble might roll out soon

Litecoin has been working on MimbleWimble (MW) since at least September 2019. While there was once a lot of interest, this has changed since the popularity of NFTs and DeFi.

In September 2020, the first MW testnet was launched after months of waiting. However, the project has been hampered by repeated delays.

The Litecoin Foundation's creative director, Robbie Coleman, stated that MW is "currently in the final code review."

David Burkett, the project's lead developer, hinted at a January release earlier this year.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.