Litecoin (LTC) is rallying with big support from shark addresses that have accumulated more than $108 million worth of the token within months, according to Santiment.
Crypto analytics firm Santiment says shark addresses have “aggressively” accumulated the token since July 2022, helping to push it toward $100.
“Litecoin has now rallied its price up +89% since its drop below $50 on November 9th. Culprits for the surge of the 11+ year-old coin include addresses holding 100-10,000 LTC, who have added 1.15 million more coins in the past six months, a 4.92% increase.”
Litecoin is worth $92.94 at time of writing.
Santiment also looks at an increase in whale transaction activity for Curve (CRV), the governance token of the decentralized exchange Curve Finance. The uptick in whale activity is a potentially bullish signal.
“Curve’s circulating supply has remained relatively stable, and whale transactions recently spiked, showing increased engagement among large holders, while small and medium holders have remained stagnant.”
CRV is worth $1.02 at time of writing.
Lastly, Santiment says Bitcoin (BTC) saw the largest ratio of profit to loss transactions since nearly two years ago as the price reached $23,920, signaling it would dip in value. Santiment says if loss transactions begin to increase, it would signal the price is going to bounce right back up.
“Among a few warning signs that yesterday’s crypto prices would see a pullback today included the largest profit/loss transaction ratio for Bitcoin since Feb. 17, 2021. If loss transactions pile up now, prices are more likely to bounce right back.”
Bitcoin is trading for $22,923 at time of writing.
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Source: https://dailyhodl.com/2023/02/01/crypto-sharks-have-accumulated-over-108000000-in-litecoin-in-six-months-as-ltc-inches-toward-100-santiment/