Litecoin Whale Deposits 500,000 LTC To Binance: Price Decline To Extend?
Data on the chain shows that the Litecoin Whale has made a huge deposit for cryptocurrency exchange binary over the past day, which is a sign that the price of LTC is likely to be a bearish sign.
Binance just received a large amount of Litecoin inflows
According to data from cryptocurrency transaction tracker service Whale AlertIn the past 24 hours, a big move has been found on the Litecoin network.
The transfers discussed involve transfers of 500,000 LTC across the entire network. When the transactions were executed in the chain, the stack was worth approximately $51.3 million. Given the large scale associated with mobile, it is likely whale The entity is responsible for this.
Whales are the largest investors on the web and because of their ability to do large transactions of this kind, they can have a certain degree of influence in the market.
Therefore, the behavior of these huge holders is often worthy of attention, and even if it may not always end up affecting LTC prices, it can still tell us the emotions in this important cohort.
However, generally, considering the anonymous nature of blockchain, it is difficult to determine what whales do only from transactional activities. However, sometimes, one of the wallets involved in a transaction can be connected to a central entity, which can provide space for guessing.
Fortunately, the latest Litecoin action is this type of thing. Here are the details of the address involved in the transfer:
As mentioned above, the whale made Litecoin transactions from some unknown wallets. Such addresses are those that do not belong to any centralized platform, so they can be assumed to be the investor’s personal self-guarding wallet.
The destination of the transaction is the attached wallet binance,exchange. This type of action of coins from personal addresses to exchanges is called Exchange inflow.
Often, investors store their tokens on these platforms when they want to use one of the services they need, including sales. Therefore, exchange inflows can sometimes have a bearish impact on the price of an asset.
However, this is unknown, whether the whales are actually going to be sold on the latest exchange inflows. With investors really planning for this, it could cause trouble for Litecoin given the scale of the move and its price has fallen a lot over the past week.
LTC price
Litecoin has plunged recently along with other cryptocurrency industries, which has brought its price down to $104.
