Cryptocurrency analytics platform Santiment has reported a remarkable increase in Litecoin wallets held by large investors over the past few months. According to the platform, the number of whale and shark wallets containing at least 10,000 LTC has increased by 7% over the last 5 months.
Santiment noted that Litecoin price action has not shown strong performance recently that would excite investors, but large investors continue to quietly increase their positions. According to the analytics platform, historically, long-term accumulation by whale and shark groups can be considered a more meaningful signal than short-term individual investor sentiment.
Related news Controversial Altcoin Had Its Code Analyzed Using Anthropic’s Cutting-Edge AI Model – Founder’s Statement
The platform said this group of investors often takes positions before major trends are noticed by the broader market. According to Santiment, in the event of a potential rise in Litecoin prices, support from large investors could reignite individual interest and contribute to a rapid recovery in trading volume, which has recently been on a downward trend.
Santiment also noted that one of the reasons why Litecoin stood out among the most talked about coins at the time on social media was LitVM. LitVM is a project that aims to bring smart contract functionality to the Litecoin ecosystem via a wrapped asset called zkLTC.
According to the analytics platform, discussions around LitVM have reignited interest in Litecoin on social media.
*This does not constitute investment advice.