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Litecoin Sees a 100% Rise in Large Transactions as Accumulation by Whales Continues

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Thu, 03/31/2022 - 11:29
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Tomiwabold Olajide
Litecoin was changing hands at $130, down 1.13% in the last 24 hours
Litecoin Sees a 100% Rise in Large Transactions as Accumulation by Whales Continues
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Per Santiment data, Litecoin is seeing massive large transactions as whales get busy. The on-chain analytics firm reports that the majority of the top 100 cryptocurrencies continue to see massive whale transactions. It notes that specific cryptocurrencies, such as Litecoin (LTC), Axie Infinity (AXS), Maker (MKR), Chiliz (CHZ), Compound (COMP), TUSD and SNX are recording a 100% increase in the usual number of large transactions—that is greater than $100,000.

Litecoin declined to enter into consolidation shortly after topping out at $302 on Nov. 10. The recent price drop caused LTC to touch lows of $91.52 on Feb. 24, from which a recovery ensued. The monthlong fall saw whales filling up their bags, accumulating at a discount.

Litecoin price action

At the time of publication, Litecoin was changing hands at $130, down 1.13% in the last 24 hours. At its present price, LTC is down 68.60% from all-time highs of $412 reached on May 10, 2021. According to CoinMarketCap, Litecoin presently ranks 21st largest after it fell out of the top 10 following its recent declines.

In January, the Litecoin Foundation, the nonprofit behind technical development and community management, announced the activation of the Mimblewimble Extension Block (MWEB) upgrade after years of development. It had announced that Litecoin's MWEB—Mimblewimble Extension Block upgrade—will be included as part of the Litecoin Core 0.21.2 release candidate, which also includes the security and privacy-enhancing Taproot upgrade.

In the latest updates by Litecoin creator, Charlie Lee, all hands remain on deck for the final Litecoin Core 0.21.2 release: ''We are working hard towards a final Litecoin Core 0.21.2 release, but we might need to do an RC6 release before that. Once we've released the final code, we will make another push to get more MWEB signaling. In the meantime, help us continue to test MWEB transactions on testnet.''

Litecoin's LTC/USD price has steadily climbed over the past seven days, up 6.05% over seven days. This continues its rebound from the $91 level reached on Feb. 24.

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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.