Litecoin has observed a surge in its price as on-chain data shows the whales have participated in a significant amount of buying.
Litecoin Whales Have Added 181,000 LTC To Their Wallets
In a new post on X, on-chain analytics firm Santiment has talked about the latest trend in the holdings of the Litecoin whales. The indicator of interest here is the Supply Distribution, which tells us about the total amount of the LTC supply that a given address group is holding.
Investors or wallets are put into these cohorts based on the number of coins that they are carrying in their balance. The 1 to 10 coins group, for instance, contains all addresses holding between 1 and 10 LTC.
In the context of the current topic, the holders of interest are those who own more than 1,000 tokens of the cryptocurrency. At the current exchange rate, this cutoff converts to around $114,300.
Thus, the only investors qualifying for the cohort would be the big-money ones, popularly known as the whales. This group can hold some degree of influence in the market, so the holdings of its members can be worth keeping an eye on.
Now, here is the chart shared by Santiment that shows the trend in the Litecoin Supply Distribution of the whales over the last few months:
As displayed in the above graph, the Litecoin whales have seen their Supply Distribution shoot up recently, indicating that these large entities have expanded their holdings.
In just one day, this group added 181,000 LTC (worth $20.7 million) to its balance. The buying spree came as LTC saw some bullish news surface. Grayscale has officially filed form S-3 with the US Securities and Exchange Commission (SEC) for their LTC exchange-traded fund (ETF).
If the ETF gets approved, investors will be able to buy LTC-backed shares and gain exposure to the digital asset without having to directly own it.
Another bullish development is related to Mei Pharma, a company that adopted an LTC treasury strategy back in August and secured around $100 million in the token. According to a press release, the pharmaceutical company has decided to rebrand itself as “Lite Strategy.”
The firm notes:
The rebranding to Lite Strategy, Inc. underscores the Company’s commitment to building a long-term corporate strategy around Litecoin (LTC) as our primary reserve asset.
LTC Price
At the time of writing, Litecoin is trading around $114, up more than 4% over the past week.
