Analytics firm Santiment says crypto whales have spent the most recent portion of the bear market gobbling up the peer-to-peer payments network Litecoin (LTC).
Santiment notes that Litecoin addresses that own more than one million LTC are holding their highest level of available LTC supply since June 2017.
Those so-called “mega whales” have accumulated 2.95 million LTC worth $219.6 million in just the past five weeks, according to the analytics firm.
Litecoin is trading at $76.99 at time of writing. The 13th-ranked crypto asset by market cap is up 3.44% in the past 24 hours and more than 44% in the past month. LTC remains down over 81% from its all-time high of $410.26, which it hit in May 2021.
“[LTC] had a strong move to the upside, a little bit of sideways [trading], another strong move to the upside, and honestly two red weeks that are very tiny in comparison to [the] move up. At one glance, you can see that this is just basically going sideways.
If you remove the left side, this looks like typical bull market behavior, where you have massive up moves, then you have shallow pullbacks before expansion [toward] the upside again.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Zastolskiy Victor