The cryptocurrency industry has seen a significant escalate in activity among huge holders, often referred to as “whales,” over the past few weeks. This level of involvement was revealed through on-chain transaction data, which showed multiple instances of huge cryptocurrency movements to and from exchanges.

One cryptocurrency that stands out in particular in this trend is Litecoin. In particular, cryptocurrency market intelligence platform IntoTheBlock has the escalate was revealed in Litecoin huge transactions since the last week of July. In the last 24 hours, over $3.5 billion in Litecoin was transferred to huge holders.

People trust every day #Litecoin network to move value silently and effortlessly, adding up to tens of millions $LTCIn the last 24 hours, the transaction value exceeded $3.5 billion in “large transactions” 👀Source: @intotheblock #FridayFeelings photo:twitter.com/TpCJO3Fsy1

— Litecoin (@litecoin) August 16, 2024

Significant Litecoin Whale Activity

IntoTheBlock’s “Large Transactions” metric shows some engaging traffic among addresses holding huge amounts of Litecoin. This metric is designed to track the number and total value of transactions worth $100,000 or more and classifies them as whale traffic.

According to this metric, a total of $17.5 billion in transactions were made over the past seven days. This is very engaging considering that Litecoin has largely remained tranquil in terms of overall market sentiment.

According to a social media post by IntoTheBlock, the Litecoin network appears to be gaining user trust to quietly and effortlessly transfer value. This movement recently peaked at 53.45 million LTC worth $3.43 billion in 24 hours.

While this surge in whale activity could be a sell-off on exchanges as much as accumulation, recent price action points to the latter. At the time of writing, Litecoin is trading at $67.71, up 2% in the past 24 hours and 11% in the past week, even as the broader cryptocurrency market is in a correction.

DOGE Whales gather

The rise in whale activity is not restricted to Litecoin. The latest data from IntoTheBlock reveals that Dogecoin, the “king of meme coins,” has also seen a significant escalate in large-scale transactions over the past few days. Notably, number of DODE handles holdings of over 10 billion DOGE tokens have increased by 50% over the past 30 days. This in turn contributed to a negative net flow of $14.05 million to cryptocurrency exchanges over the past seven days.

A negative net flow means that more Dogecoin is being withdrawn from exchanges than is being deposited, which can often be a sign that holders deciding to transfer your assets to private wallets, planning for their long-term storage rather than sale.

In addition, chain data shows that Dogecoin addresses from the balance has increased to 6.56 million, up 20% from eight months ago. At the time of writing, DOGE is trading at $0.1027 and has also seen a 1.9% escalate in the last 24 hours.

Featured image from SoFi, chart from TradingView