Litecoin whale activity increased by 25% in early September, with over 1,100 daily transactions exceeding $100,000. Litecoin’s social dominance jumped from 0.3% to 2.9%, reflecting increased online interest and community engagement.
According to Santiment data, whale activity on Litecoin (LTC) has increased significantly since late August. Whales, or large investors making huge trades, are increasingly interested in the cryptocurrency, which ranks 19th in terms of market capitalization.
⚡️ Litecoin has been experiencing consistently higher than normal levels of whale activity since late August. In addition to this, there has been a great deal of discussion regarding the OG asset, which ranks 19th in market capitalization. Whether you’re a fan of LTC or not, this is worth noting. pic.twitter.com/qmxUu2dxBI
— Santiment (@santimentfeed) September 7, 2024
Significant spike in social conversation regarding whale activity and Litecoin
Santiment said these whales are becoming more active, especially those making trades worth more than $100,000.
By early September, the number of daily whale transactions had increased by more than 25%, from about 800 in late August to about 1,100. This significant increase reflects increased interest and activity from high-value investors.
With this boom in whale activity, there has been an alarming increase in Litecoin-related discussions on social media platforms. Santiment also noted a dramatic increase in Litecoin’s social dominance, which measures the amount of online conversation about an asset.
It increased from less than 0.3% to approximately 2.9%, indicating increased community interest and conversation. This increase in social discussion shows the growing awareness of Litecoin’s importance in the cryptocurrency industry as more investors and fans take note of this asset.
At the time of writing, LTC is trading at $60.81, down 1.99% in the past 24 hours. The daily trading volume of this cryptocurrency exceeds $270.97 million. Analysts believe that despite the short-term downturn, current whale activity and social media discussions could lead to a bullish reversal in the near future.
Meanwhile, small traders are showing signs of impatience. According to CNF, many of these traders appear to be giving up, which could ironically portend a positive reversal for Litecoin.
Historically, growing impatience among small investors has sometimes coincided with positive price movements in large holdings, which take advantage of declines to increase their holdings.
Additionally, as we previously reported, Litecoin’s on-chain activity remains high. Over 412 million LTC tokens were transferred in one week, demonstrating significant participation in the network.
This on-chain movement shows that despite the recent price drop, there is still significant network activity that supports Litecoin’s infrastructure and usability.
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