Nearly half of Litecoin’s circulating supply has reportedly remained unmoved in the past one year. The coin’s total circulating supply amounts to 63.84 million LTC, while 40 million are believed to have been kept dormant for over a year by whales – a term that refer to large wallet holders.
Litecoin is one of the most popular forks of the Bitcoin Core blockchain, with its network reportedly including about 128 whales that hold 47% of the entire network.
Franklyn Richards, director of Litecoin Foundation said that majority of the locked-up Litecoins may have been possessed by a whale since November- December 2018. He added that some big investor(s) made use of the falling price and started accumulation of the coin.
The Litecoins stored with them worth currently $2.036 billion, Richards noted. He said the price correlation appears to support the idea that a lot of accumulation occurred during this time” when the coin dived from its all-time highs and was trading at around $23.
Richards’ claims are supported by data, as BitInfoCharts suggests that 45 of the top 100 Litecoin addresses started accumulating the crypto token by the end of 2018 to wipe the coins away from the market at low prices.
“We know that at least 12M of these coins are held by Coinbase on behalf of its users. We are not aware of any other addresses listed being owned by other large services or exchanges, although it is highly likely they are.”
Meanwhile, it is widely acknowledged that most alternative coins or altcoins are dependent on bitcoin; and that’s especially true for large market cap coins such as Ethereum, Litecoin and EOS. LTC traded at $50.45, up nearly 16% in the second week of January. Thus, the most recent price moves show Litecoin may become even more active in the coming days and weeks.