The cryptocurrency industry is buzzing with activity as large holders, known as “whales,” have been making significant moves in the market. One cryptocurrency that has been particularly active is Litecoin, with over $3.5 billion worth of transactions among large holders in the past 24 hours.
According to data from crypto market intelligence platform IntoTheBlock, there has been a notable surge in Litecoin whale activity since the end of July. The platform’s “Large Transactions” metric tracks transactions worth $100,000 or more, and in the past seven days, a total of $17.5 billion worth of such transactions have been recorded.
This increase in whale activity comes at a time when Litecoin has been relatively quiet in terms of market sentiment. Despite this, the cryptocurrency is currently trading at $67.71, up by 2% in the last 24 hours and 11% over the past week.
But Litecoin is not the only cryptocurrency seeing increased whale activity. Dogecoin, the popular meme coin, has also experienced a surge in large-scale transactions. Data from IntoTheBlock shows a 50% increase in the number of DOGE holders with more than 10 billion tokens in the last 30 days.
The rise in whale activity for both Litecoin and Dogecoin could indicate a shift in market dynamics, with holders potentially moving their assets to private wallets for long-term holding rather than selling. As the broader cryptocurrency market undergoes a correction, these movements among large holders could have significant implications for the future of these digital assets.
