Litecoin shows sign of life as whales enter a monthlong accumulation streak
According to Santiment and some reports, whale addresses holding 10,000 to 1 million Litecoin (LTC) have accumulated 5% of the total supply over the past 15 weeks or nearly four months. On-chain analytics note that the chain is the longest since 2017 while also hinting at signs of life for altcoins.
Litecoin indicates growth as whales begin a monthlong accumulation spree
Litecoin price has fallen steadily since peaking at $302 on November 10. The price drop brought LTC to as low as $131.50 on January 10, from there recovering slightly after there. The month-long fall sees whales fill their pockets, accumulating at a discount.
“Litecoin is showing some signs of life, up about +5% against $BTC in the past two days. Whale addresses holding 10k to 1m LTC are in a 15-week accumulation pattern that is their longest since 2017. They have added 5% of LTC’s supply in just 15 weeks”, Santiment stated.
At the time of writing, Litecoin is changing hands at $138, down 2.35% on the day. LTC is down 66.41%at current prices at current prices from its all-time high of $412 reached on May 10, 2021. LTC is currently ranked 22nd largest after it fell out of the top 10 following its recent declines.
Litecoin has been working on MimbleWimble (MW) since at least September 2019. While there used to be a lot of interest, this has changed since the popularity of NFT and DeFi. In September 2020, the first MW test network was launched after months of waiting. However, the project was plagued by repeated delays.
The Litecoin Foundation’s creative director, Robbie Coleman, stated that MW is “currently in the final code review.” The project’s lead developer David Burkett, David Burkett, hinted at a January release earlier this year.
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