Litecoin And Dogecoin Whales Move Huge Amounts Amid Whale Activities In The Market
18 August 2024 - 3:00PM
NEWSBTC
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. Related Reading: Cosmos Price Analysis: Why This
Analyst Says ATOM Has ‘A Great Chart’ 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. Related
Reading: Polkadot (DOT) Investor Confidence Falls As Token Loses
16% 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
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