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Litecoin Eyeing the $90 Mark as Whales Accumulate the Token

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While a lot of crypto headlines are dominated by the likes of more ‘exciting’ tokens like Bitcoin and Dogecoin, Litecoin has seemingly remained a quiet giant in the industry. The token is known for its speed and efficiency and while it is in the top 20 cryptos by market cap, it flies under the radars of some crypto lovers and investors. 

Now, the token is reporting more notable activity and is even eyeing the coveted $90 mark as Litecoin whales have made a splash in the industry. 

The Amazing World of Litecoin

Litecoin is known in the crypto space for having low fees and fast transactions and this has made it a favorite of many users. Over the years, we’ve also come to see more variety in its use cases outside of sending funds. 

For example, Litecoin is being used more for online gambling on various sites, even some that only take Litecoin. As Kane Pepi writes about the best Litecoin casinos reviewed, these are becoming more popular. The coin can also be used on an anonymous casino along with other tokens. There are also more merchants who accept Litecoin for the purchase of goods and services and this too is only on track to become more common.

All of these use cases mean that Litecoin can sustain its growth trajectory into the future and this will positively reflect on its price as well. Between its speculative and non-speculative use, whales buying up so much of it and the growing excitement around it, Litecoin should reach new price points in the future.

Litecoin on the Rise

In the last month alone, Litecoin whales have snapped up over $230 million worth of the token. This has included a 900,000 token stash collected in a single day. Whale activity is often an indicator of a token about to go up in value and usually triggers smaller investors to snap up the token as well. The idea is that whales are buying more of a token with the intention of selling when the price goes up and no one wants to get left behind when that happens. 

This has been true in the case of Litecoin as while it saw a market dip in the last few months or so, it has been steadily on the mend. Following the reports of whale activity, it reached $89 before seeing a slight correction, hovering at $87.27 as of this article. 

This has come as good news to the Litecoin community as the token breaching the $90 mark would mean that $100 is in view. It’s also been reported by the Litecoin team that the token has been the number 1 token for Bitpay transactions for this year, perhaps in part due to its fast transactions. In fact, it has been the top token for five months now. 

This is a testament to how committed the Litecoin community is and could be a sign of even better things to come. The Litecoin whales certainly think so and have been putting their money where their mouth is. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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