Litecoin (LTC) has been in a downward trend recently, reaching its lowest point since February.
Despite this decline, whales continue to accumulate altcoins. Since mid-May, LTC has had weak performance, but the cryptocurrency remains attractive to these large investors.
On-chain data shows that the number of “whales”, owning 10,000 to 1,000,000 LTC tokens, has increased by 2% since the beginning of June, reaching 613 addresses.
These whales now own 56% of the total supply of Litecoin in circulation. The accumulation suggests that they view the price drop as an opportunity to buy, expecting an increase in value.
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Litecoin is trading at a price of $69.94, reflecting an 18% decline in the past month. Monitoring market sentiment and technical indicators is crucial for predicting the movement of the altcoin’s price.
While whale accumulation is positive in the long term, caution is necessary in the short term.
