Litecoin experiences an increase as whales accumulate 181,000 LTC

Litecoin whales have been accumulating significant amounts of the cryptocurrency, which has led to a surge in its price. According to on-chain data, these large investors have added no less than 181,000 LTC to their wallets.

Litecoin whales have added 181,000 LTC to their wallets

In a recent post on X, the on-chain analysis firm Santiment revealed an interesting trend in the holdings of Litecoin whales. The relevant indicator here is the Supply Distribution, which shows the total amount that a certain group of addresses is holding.

Investors are classified into these groups based on the amount of coins they hold. For example, the group of 1 to 10 coins includes all addresses with between 1 and 10 LTC.

In this context, the investors of interest are those with more than 1,000 tokens. At the current exchange rate, this amounts to about 114,300 dollars, limiting the group to large investors known as whales, who can exert some influence on the market.

The chart shared by Santiment shows how the Supply Distribution of these whales has surged recently, indicating a significant expansion of their holdings.

In a single day, this group added 181,000 LTC ( valued at 20.7 million dollars ) to its balance. This wave of purchases coincided with positive news for LTC. Grayscale has officially submitted the S-3 form to the U.S. Securities and Exchange Commission for its ( ETF ) of LTC.

If the ETF is approved, investors will be able to buy shares backed by LTC without needing to directly own the digital asset.

Another positive development is related to Mei Pharma, a company that adopted a treasury strategy in LTC in August and secured nearly 100 million dollars in the cryptocurrency. According to a statement, the pharmaceutical company has decided to change its name to “Lite Strategy.”

The company states:

The rebranding to Lite Strategy, Inc. underscores the Company's commitment to building a long-term corporate strategy with Litecoin (LTC) as our primary reserve asset.

LTC Price

At the time of writing this article, LTC is trading around $93.1, with a decrease of 2.12% in the last 24 hours, although it maintains an increase of 0.73% in the last week.

I find it curious that while the overall market shows signs of fear, with a VIX index of 34, the whales continue to accumulate. Perhaps they know something we don't, or they are simply taking advantage of the drop from the highs of $135.9 seen earlier in October. What is clear is that the price has experienced significant volatility, dropping sharply from $125 to $90 in a matter of days.