Here is the amount of LTC Litecoin whales accumulated in the last 30 days

As the restocking phase of this cycle drags on, Litecoin whales have taken advantage of the spree, refusing to be left out.

Data from crypto market intelligence platform IntoTheBlock revealed that the largest LTC investors accumulated more than 2.75 million litecoins in the past 30 days, indicating significant activity.

LItecoin whales accumulate 2.7 million LTC

IntoTheBlock’s tweet revealed that Litecoin whale-linked addresses saw their biggest daily inflow since February earlier this month. On May 10, whales moved over 900,000 LTC worth approximately $74.7 million into their wallets.

With whales depositing 2,751,633 LTC into their wallets, market participants have exceeded their collective LTC deposit by over $228 million at current prices.

However, the ongoing hoarding has had little or no impact on LTC price movements. The crypto asset has hovered between $80 and $86 over the past month, even dipping to $76 on one occasion. At the time of writing, data from CoinMarketCap showed LTC at $83.36, with minimal gains and losses over the past 24 hours and 30 days.

Litecoin sees remarkable activity

Litecoin’s latest development comes nearly two months after the largest US crypto exchange, Coinbase, launched a cash-settled futures contract product for the network, along with similar investment vehicles for Dogecoin and Bitcoin Cash.

The crypto trading platform announced in early March that futures trading products would go live on April 1. The company used the self-certification method to launch the contracts on the premise that they met the regulatory guidelines set by US commodity futures. Trade commission.

Since Litecoin halved ten months ago, the network has seen a remarkable increase in the number of transactions and the number of active addresses. Shortly after the halving event, the number of long-term LTC holders doubled to over five million. The increase signaled growing confidence in the cryptocurrency even as the crypto market struggled.

In December, the number of active Litecoin addresses hit a new all-time high, surpassing 1.4 million. The increase in active addresses also pushed the number of Litecoin wallets with a balance to new highs.

In addition, Litecoin has undergone significant development with the launch of the LTC-20 token standard, built on top of the network’s Ordinals protocol.

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