HomeNewsLitecoin Whales are Hungry: $230 Million in LTC Acquired!

Litecoin Whales are Hungry: $230 Million in LTC Acquired!

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  • The $230 million buying frenzy of cryptocurrency whales suggests a possible bullish trend for Litecoin.
  • A positive mood is reflected in the price of LTC, which is at about $88.89, up 5.93% in a day.

According to on-chain data, whales in Litecoin (LTC) have been spending a substantial $230 million recently, which could indicate a positive trend for the currency. Over the past month, IntoTheBlock reports, these whales have had significant net inflows into their wallets.

Interpreting Netflow of Whales

The “Large Holders Netflow” metric, which measures the net amount of Litecoin coming into or going out of the wallets of investors owning at least 1% of the coin’s circulating supply, has lately shown positive values. This implies that whales or big holders are receiving net inflows of LTC.

Whales are gathering coins when there is a positive Large Holders Netflow, and this could be a bullish indication for the price of Litecoin. In contrast, a negative score indicates possible selling activity, which could be detrimental for the asset.

According to a chart, Litecoin’s Large Holders Netflow has primarily shown positive values over the last month, indicating net inflows into whale wallets. These big holders have amassed 2,751,633 LTC in the previous 30 days, or around $230 million at current pricing.

New Price Trends and Forecasts

Whales bought 900,000 LTC on the 10th of this month, the greatest daily amount since February, which caused a notable jump in net inflows. About one-third of the entire buildup throughout the last month is attributed to this activity.

Whales might find present prices to be appealing entry points because this buying frenzy happened while Litecoin’s price was consolidating at its lows after the mid-April fall.

Meanwhile, CoinMarketCap data indicates that the price of LTC at the time of writing is about $88.89, up 9.45% over the previous week and 5.93% over the previous 24 hours.

This performance is consistent with prior ETHNews reports that emphasized technical analysis that might drive LTC values to $100 or perhaps $200.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628