Litecoin (LTC) has been in a downtrend recently, hitting the lowest point since February.
Despite this decline, whales continue to accumulate the altcoin. Since mid-May, the performance of LTC has been weak, but the cryptocurrency remains attractive to these large investors.
On-chain data shows that the number of whales, holding between 10,000 to 1,000,000 LTC tokens, has increased by 2% since the beginning of June, reaching 613 addresses.
These whales now own 56% of the total supply of Litecoin in circulation. The accumulation suggests that they view the price drop as an opportunity to buy, expecting an increase in value.
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Litecoin is trading at $69.94, marking an 18% decline in the last month. Monitoring market sentiments and technical indicators is crucial for predicting the movement of the altcoin price.
While whale accumulation is positive in the long term, caution is needed in the short term.
