On-chain data provider Santiment has revealed that Litecoin (LTC), a fairly old altcoin, has seen a huge spike in the daily amount of cryptocurrencies transferred by whales.
According to the tweet shared by Santiment, Litecoin (LTC) experienced a huge increase in the number of daily whale transactions. Whale transactions, which cover transactions over $100,000, rose sharply, with 4,458 transactions on April 4, according to Santiment data.
"#Litecoin may not be on many traders' radars right now, but it quietly just saw the largest amount of daily $LTC whale transactions exceeding $100k+ (3,458 transactions) in 2022. Typically, this is an indicator of mid-term price direction shifts."
Santiment said in his tweet that such an increase in daily trading volumes generally indicates a medium-term shift in direction.
MimbleWimble Update Coming Soon
Earlier this year, the Litecoin Foundation said in a statement that the highly anticipated MimbleWimble update has become a candidate to be released soon. If it receives support from enough LTC nodes, the new update will be added to LTC's codebase along with the Litecoin Core 0.21.2 software.
The cryptocurrency, which has lost more than 7% in value in the last 24 hours, is trading at $ 115 at the time of this writing. The recent decline coincided with the poor performance in the overall cryptocurrency market.
According to CoinGecko data; Litecoin price is $114.83 at the time of writing and LTC's last 24-hour trading volume is $889,160,546. LTC price is down -7.8% in the last 24 hours.
LTC, which was created by separating from BTC, was trading at $ 134 at this time last week. Following Ethereum's transition to the Proof of Stake mechanism, LTC will become one of the few cryptocurrencies to use the Proof of Work mechanism along with Bitcoin.