Are the Whales Holding onto $2 Billion Worth of Litecoin?

63,842,239 is the amount of Litecoins currently in circulation but more than half of that sum of coins hasn’t been moved in over a year. Essentially what we’re saying is that almost 2 billion worth of litecoin (40 million Litecoins) are no longer in motion at the current time of writing. 

This was news highlighted by the Litecoin Foundation Director, Franklyn Richards who has said that most of the Litecoin in question seem to have been locked up from November to December in 2018. Speculation surfaced that it was the whales that are holding onto such Litecoin and fed on the lowest price.

Richards said:

“We know that at least 12M of these coins are held by Coinbase on behalf of its users. We are not aware of any other addresses listed being owned by other large services or exchanges although it is highly likely they are.”

The argument of the whales is plausible but could just be a coincidence. The director stated that the correlation in price was in support of “the idea that a lot of accumulation occurred during this time”. This time being when Litecoin sunk to its lowest of lows following the 2017 bubble.

The director further added:

“Going back 2 years to the climax of the last bull market we can see that almost 15M Litecoin have remained inactive. Even looking to the start of 2017 from now, over 4M Litecoin have remained unmoving, while an unknown number are probably burned, the rest are likely in the unshakeable hands of early adopters.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!