A new Litecoin whale has recently moved around 60 percent of the coins market cap in just 24 hours. Last week, almost out of nowhere, the whale moved over 35 million Litecoin which accounts for 60 percent of the coins total market cap which was moved by just one address. However, global exchange trading doesn’t seem to be the reason behind the transactions
Litecoin.com first tweeted the news which you can see below. This was then retweeted by the creator of Litecoin, Charlie Lee.
Litecoin’s New King Whale — $1.1Bn Transacted on the Litecoin Network in a single day.#ltc #litecoin #btc #bitcoin #cryptocurrency #Crypto #blockchain— Litecoin.com (@LitecoinDotCom) December 3, 2018
?️ https://t.co/thAEPr7CuN pic.twitter.com/w3UTNbNPPE
The Litecoin whale could have added 40 new wallets to the Litecoin top 100 rich lists. All the wallets have around 300,000 Litecoin each. The transactions last week are now on record to be the biggest since February when over $1 billion was moved.
This news comes during the first stages of the cryptocurrency market beginning to collapse and when panic started to set in leaving the coins price slowly crashing from their one time highs.
Since then, the network has transferred around $100 million on a daily basis despite the declining numbers in price meaning that there could potentially be some fundamentally strong activity pushing the use of the coin. The activity could be coming from the adoption of Litecoin rather than just speculation on its price.
No one knows who this whale is as of yet but it’s worth mentioning that the individual now owns 15 percent of the whole Litecoin supply. This could alleviate the selling pressure driving down the price of Litecoin.
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