Latest on-chain data shows that Litecoin (LTC) whales have become increasingly active in the market in recent weeks. The question is, can they spur altcoin price recovery?
Litecoin whale activity is increasing
On-chain analytics firm Santiment revealed a sustained increase in whale activity on Litecoin in a new post on the X Platform. The relevant metric here is the Whale Transaction Count metric, which tracks the number of whale transactions (valued at $100,000 or more) performed on the blockchain network in a single day.
A whale is an entity that holds a large amount of a specific virtual currency and has great influence on the market due to the size of its holdings. Whale behavior and activities are often scrutinized and analyzed as they can provide insight into market dynamics and potential price movements.
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According to Santiment, the number of Litecoin transactions of $100,000 or more has increased since late August. An increase in this indicator usually suggests increased whale activity on the Litecoin network, which could be a bullish catalyst for LTC price.
However, it is worth noting that an increase in the number of whale trades could mean accumulation or dispersion. If the LTC whale is loading its bags, it could be a sign that a price increase is imminent. Conversely, a sale by large holders could put Litecoin’s price at risk.
Moreover, the social dominance of altcoins is also increasing, so it seems that most members of the cryptocurrency community are aware of altcoins. Social dominance indicators reflect the share of discussion in crypto media related to a particular coin/token or phrase.
This metric relies on social volume, which measures the total number of social posts that include a particular crypto subject. An asset’s social dominance compares its social volume to the total social volume of the 100 largest assets by market capitalization.
Recent increased whale activity and social discussions may suggest that a Litecoin price break is imminent. “Whether you’re an LTC fan or not, this is worth your attention,” Santimento said in the post.
LTC price overview
As of this writing, Litecoin’s price is around $62, reflecting a 1.5% decline in the past 24 hours. The altcoin has fallen nearly 5% over the past week, according to data from CoinGecko.
