The Litecoin [LTC] network has witnessed 41 wallets containing an exact amount of 300,000 LTC each come into the rich list recently. The wallets, in total, hold a whopping 12.3 million LTC, which is 20.69% of the total coins in circulations.
The addresses seen on the rich list show deposits between November 30 to December 01, 2018, and the total amount of LTCs, comes to a net worth of $381.3 million, with $31 per LTC, at the time of transfer. These 41 wallets together hold 20.8% of the market cap for Litecoin.
As a result of this, the Litecoin Network witnessed more than 60% of its market cap moved in just one-day.
The movement of the funds points to three possibilities, the first being a whale buying the dip and splitting up the funds into multiple wallets. The second reason, which is more of a speculation, is that some institutional buyers are loading up their accounts ahead of the launch into the crypto verse. The last reason could be an exchange moving its users’ funds into cold storage wallets or just securing the funds.
As Franklyn Richards, the founding director of Litecoin Foundation pointed out it, could very well be an institution like Bakkt or Fidelity, but it is still a wild speculation.
A Twitter user, Samman, commented:
“I think I’ll go all in in LTC because it is better than BTC 1) better tech 2) no futures (wall street) less manipulation 3) bigger drop since all time high 4) more decentralized. Is anybody thinking like me ?”
Another user, Peter Tenaglia, commented:
“I wonder with all the BTC and LTC being moved has anything to do with the web bot report a couple years ago that mentioned a public display before a price explosion?”
Subscribe to AMBCrypto’s Newsletter