Litecoin (LTC) rallied ahead of other altcoins on signs of whale accumulation. The token is closely watched for ETF inclusion, as well as treasury-building activities.
Litecoin (LTC) is starting a breakout, with gains surpassing other altcoins. For now, LTC remains range-bound, but with expectations for an eventual hike to a higher price range.
LTC gained to a local peak of $117.47, though trading volumes are yet to pick up. The token, however, is showing signs of silent whale accumulation. As of August 10, the Litecoin network carried 334 whale transactions valued at over $1M.
A total of 1,000 LTC wallets accumulated 181K more coins, showing a readiness to hold the asset for long-term expansion. LTC has invited both whales and mid-range holders in expectation of an eventual LTC ETF, as well as new treasury reserves.
Grayscale files to transform its funds into ETFs
Grayscale is in the process of upgrading its ETP into a full ETF. Currently, the ETP is trading at a discount against the price on crypto markets.
The ETP is relatively idle, as mainstream interest in LTC remains low. The LTCN shares rallied in late 2024, but are yet to regain their premium. Recently, Grayscale filed an S-3 form to transform its previous product. Grayscale holds around 2M LTC in its Trust, which may become the basis for the new ETF.
Additionally, an anonymous whale wallet loaded up over 36K coins in the past week, becoming the most active buyer. For now, there is no detailed tracking of LTC purchases or special treasury entities.
LTC has been accumulating into large wallets, with those holding 10,000 to 100K coins controlling around 29% of the supply. Another 26% of the supply is held in wallets with 100K to 1M LTC. The coin has multiple whales with the potential to sway the market, or hold onto their assets to create scarcity.
MEI Pharma rebrands to Lite Strategy
MEI Pharma is moving along with its Litecoin acquisition strategy, starting with a name change. The pharmaceutical company rebranded itself to Lite Strategy, while retaining some of its pharma activity, Cryptopolitan reported. The MEIPS ticker will also be replaced by LITS.
The former ticker still traded at around $3.11, near the lower range for the past month. The company already rallied after the initial $100M treasury announcement. The current treasury holds 929,548 LTC, acquired at $107.58, with a slight premium following the recent market recovery.
LTC remains one of the widely used assets, attracting users for payments, arbitrage, and mining. The coin expanded its mining rate for the past year, growing by 200% for the past year to 3 PH/s.
However, the coin lacks the meme potential from previous bull markets, even after its attempts at social media presence. Despite this, LTC remains a solid proposition with a long history and growing scarcity. LTC has already mined over 76M coins, out of the total 84M.
If you’re reading this, you’re already ahead. Stay there with our newsletter.
Source: https://www.cryptopolitan.com/whales-accumulated-ltc-in-the-past-day-what-comes-next-for-digital-silver/
