Litecoin whales unrelenting in their accumulation as holders increase

• Litecoin whales accumulate close to 600,000 LTCs over 48 hours.
• LTC saw a 1% increase after consecutive downtrends.

Litecoin [LTC] whales displayed a dedication to accumulating the cryptocurrency as the countdown to the next halving persisted. However, the pressing question lingers: To what extent has their accumulation influenced the volume and price trajectory of LTC in recent days?

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Litecoin holders increase

New data has revealed the unyielding determination of Litecoin whales in amassing LTC, particularly as the highly anticipated halving event looms just 13 days away. Over the past 48 hours, these whales have successfully accumulated a staggering sum of approximately 600,000 LTC.

Notably, while these whales actively acquired LTC, there was a gradual rise in the number of holders, as indicated by Santiment. On 17 July, the total count of holders stood at 8.84 million. However, as of the present moment, this figure has risen to 8.85 million.

It is worth highlighting that as recently as May, the total number of holders still hovered around the 7 million mark.

Source: Santiment

How Litecoin whales have moved in the past days

Closely examining the whale transaction count data on Santiment has revealed a noteworthy surge in whale activity over the past few weeks. The whale transaction count specifically tracks transactions exceeding $100,000 and has consistently recorded between 100 and 200 daily transactions.

However, the transaction count has declined to 37 as of this writing. 

Source: Santiment

Similarly, transactions exceeding $1 million have also exhibited a respectable volume of activity. The accompanying chart illustrates that this metric surpassed 100 daily transactions on certain days. At press time, it stood at eight transactions, indicating a relatively low activity level.

Volume and price trend

The volume of Litecoin did not exhibit any notable surges at the time of writing, as it stood at 478 million. This suggested that the coin was not impacted by the recent whale movements. The highest spike in volume occurred on 1 July, exceeding 3 billion. 

Realistic or not, here’s LTC’s market cap in BTC’s terms

Additionally, after enduring a prolonged downtrend, Litecoin experienced a slight reprieve. Its press time trading value hovered around $92.6, reflecting a more than 1% gain. This positive shift comes after a consecutive five-day period of closing trading sessions with losses.

Notably, the short Moving Average (yellow line) continued to act as a support level at around $91 as of this writing.

Source: TradingView