Chain data show that a Litecoin whale has made a huge deposit at the cryptocurrency exchange binance during the last day, a panel that could be lower for the LTC price.
Binance has just received an influx of massive Litecoin
According to data from the Waler of Whale Follow-up of Cryptocurrency Transactions, a major decision was spotted on the Litecoin network in the last 24 hours.
The transfer in question involved the change of 500,000 LTC on the network. As the chain has executed the transaction, this battery was worth around 51.3 million dollars. Given the large scale associated with this decision, it is likely that a whale entity was responsible for it.
Whales are the largest investors in the network, who can carry a certain degree of influence on the market because of their ability to make large transactions like this.
As such, the behavior of these gourmets of embarrassment can often be worth keeping an eye on, because even if it may not always end up having an impact on the price of the LTC, it can always tell us what the feeling among this important cohort looks like.
Generally, however, it may be difficult to say with some what whales do their transaction activity alone, given the anonymous nature of the blockchain. Nevertheless, sometimes, one of the portfolios involved in the transaction can be connected to a central entity, which can provide space for speculation.
Fortunately, the latest movement of Litecoin is of this type. Here are the details of the addresses involved in the transfer:
As it is visible above, the whale carried out the Litecoin transaction from a few unknown wallets. These addresses are those which are not known to be affiliated with a centralized platform, so they can be supposed to be personal and self-carriage portfolies of the investor.
The transaction destination was a portfolio attached to Binance, an exchange. The movements of this type, where the parts range from personal addresses to the custody of an exchange, are called exchange entries.
Usually, investors put their tokens to these platforms when they want to use one of the services they need, which may include sale. As such, exchange entries can sometimes have a lower impact on the price of assets.
However, it is not known whether the whale really intended to sell with the last exchange entrance or not. In the scenario that the investor has planned, he could then cause trouble for Litecoin, given the scale of the decision and the fact that his price has already recorded a considerable withdrawal during last week.
LTC price
Litecoin recently dropped alongside the rest of the cryptocurrency sector, which has brought its price to $ 104.
