As the reaccumulation phase of this cycle stretches on, Litecoin whales have tapped into the spree, refusing to be left out.
Data from crypto market intelligence platform IntoTheBlock revealed that LTC’s largest investors accumulated more than 2.75 million litecoins in the past 30 days, indicating significant activity.
LItecoin Whales Accumulate 2.7M LTC
The tweet by IntoTheBlock disclosed that addresses linked to Litecoin whales recorded their largest daily inflow since February earlier this month. On May 10, the whales moved over 900,000 LTC worth approximately $74.7 million into their wallets.
With whales having deposited 2,751,633 LTC in their wallets, the market participants have topped their collective LTC stash by more than $228 million at current prices.
Nevertheless, the ongoing accumulation spree has had little to no impact on LTC’s price movements. The crypto asset has hovered within the $80 to $86 range in the past month, even plunging to $76 on one occasion. At the time of writing, data from CoinMarketCap showed LTC was worth $83.36, with minimal losses and gains in the past 24 hours and 30 days.
Litecoin Sees Remarkable Activity
Litecoin’s latest development comes almost two months after the largest American crypto exchange, Coinbase, launched a cash-settled futures contract product for the network, alongside similar investment vehicles for Dogecoin and Bitcoin Cash.
The crypto trading platform announced in early March that the futures trading products would go live on April 1. The firm used the self-certification method to launch the contracts on the premise that they were compliant with the regulatory guidelines laid out by the U.S. Commodity Futures Trading Commission.
Since the Litecoin halving ten months ago, the network has seen a remarkable increase in transaction count and the number of active addresses. Shortly after the halving event, the number of long-term LTC holders doubled, surpassing five million. The surge indicated growing confidence in the cryptocurrency even while the crypto market struggled.
In December, the number of active addresses on Litecoin hit a new all-time high, exceeding 1.4 million. The increase in active addresses also drove the number of Litecoin wallets with a balance to new highs.
In addition, Litecoin has seen significant development with the launch of the LTC-20 token standard, built on top of the network’s Ordinals Protocol.
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