On-chain data shows that Litecoin whales have been active recently, as the network has handled many large moves.
Litecoin Large Transaction Volume Has Been At $2.85 Billion Recently
According to data from the market intelligence platform IntoTheBlock, the Litecoin network has been witnessing some high activity from the whale entities recently.
The on-chain indicator of relevance here is the “Large Transactions Volume,” which keeps track of the total amount of LTC being moved on the blockchain by transactions valued at $100,000 or more.
As only the whales can move amounts this large with single transfers, this volume can be considered to represent the activity of these humongous investors.
When the value of this metric is high, it means the network is observing a large amount of shifts from the whales. Such a trend indicates that this cohort currently has an active interest in asset trading.
On the other hand, the low indicator’s value can imply that large investors aren’t paying too much attention to the cryptocurrency right now as they aren’t moving that many coins.
Now, here is a chart that shows the trend in the Litecoin Large Transactions Volume over the past week or so:
The value of the metric appears to have been at relatively high levels in recent days | Source: IntoTheBlock on X
The above graph shows that the Litecoin Large Transactions Volume has been high recently. More specifically, the network has been observing $2.85 billion in whale transactions on average daily.
The analytics firm has noted that this is more than most Layer 1 cryptocurrency networks, even those larger than LTC. “For example, Dogecoin sees $590 million in large transactions, despite having roughly 3x Litecoin’s market cap,” says IntoTheBlock.
Naturally, this high volume would suggest that whales have been rather active on the blockchain. To put the recent average figure into perspective, here’s how LTC’s market cap looks.
Looks like LTC is currently ranked 20th on the top cryptocurrencies by market cap list | Source: CoinMarketCap
As is visible above, Litecoin has a market cap of $5.1 billion right now, which means that the whales have been shifting around volume equivalent to more than half the asset’s total valuation.
Now, what does the high whale activity mean for the cryptocurrency? Generally, a high transaction count from these humongous investors can lead to more asset price volatility. However, its direction depends on what sort of activity whales participate in, buying or selling.
In some other news, Litecoin has been the number one coin by transaction count on the BitPay payments processor this year, according to the official LTC X handle.
LTC has been above the likes of Bitcoin (BTC) and Ethereum (ETH) in this metric | Source: Litecoin on X
LTC Price
Whereas Bitcoin and other top assets have barely been able to recover, Litecoin has seen a surge of more than 14% over the past week to get back to the $68 level.
The price of the coin has been has been going up over the past week | Source: LTCUSD on TradingView
Featured image from Dall-E, CoinMarketCap.com, chart from TradingView.com
