Cryptocurrency analysis platform Santiment has reported a remarkable increase in Litecoin wallets held by large investors in recent months. According to the platform, the number of whale and shark wallets holding at least 10,000 LTC has risen by 7 percent in the last 5 months.
Santiment noted that Litecoin’s price action hasn’t shown a strong performance recently that would excite investors, yet large investors continue to quietly increase their positions. According to the analysis platform, historically, long-term accumulation by whale and shark groups can be seen as a more significant signal than short-term individual investor sentiment.
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The platform stated that this group of investors often takes positions before major trends are noticed by the wider market. According to Santiment, in the event of a potential price rally in Litecoin, the support of large investors could revive individual interest and contribute to a rapid recovery in trading volume, which has been on a downward trend recently.
Santiment also noted that one of the reasons Litecoin stood out among the most talked-about coins of the day in social media was LitVM. LitVM is a project that aims to bring smart contract functionality to the Litecoin ecosystem through a wrapped asset called zkLTC.
According to the analysis platform, the discussions surrounding LitVM have revived interest in Litecoin on social media.
*This is not investment advice.
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