Santiment on-chain data aggregator has reported that Litecoin has made great progress regarding the daily amount of transferred LTC as whales seem to have increased their activity.
Daily LTC transaction volume soars
As per a recent Santiment tweet, Litecoin has seen a massive rise in the daily whale transaction volume.
The amount of LTC shoveled by whales has surpassed $100,000—that is 4,458 transactions within one day—April 4, according to the chart shared by the company's analytical team.
The tweet stresses that such an upsurge in daily transaction volume indicates a mid-term direction shift.
? #Litecoin may not be on many traders' radars right now, but it quietly just saw the largest amount of daily $LTC whale transactions exceeding $100k+ (3,458 transactions) in 2022. Typically, this is an indicator of mid-term price direction shifts. ? https://t.co/mhi60PtUhX pic.twitter.com/uvCCTmW1Qy— Santiment (@santimentfeed) April 6, 2022
LTC MimbeWimble set to go live
Earlier this year, the Litecoin Foundation announced that its highly anticipated upgrade MimbleWimble went live as a "release candidate."
If it gets sufficient support from Litecoin nodes, the upgrade will be added to Litecoin's codebase in Litecoin Core 0.21.2 software.
LTC price action
At the time of writing, digital silver is trading at $119.06 per coin, showing a 5.86% price drop over the past 24 hours.
The first Bitcoin spring-off has lost over 11% over the past week—since March 31—dropping from $134.14 to the current price level under $120.