Strong one Litecoin whale has transferred $37.4 million worth of LTC to the Binance exchange. This transaction presented a risk of decline, as transferring assets to a centralized exchange often resulted in sales.
Whale Alert has detected a large transaction on the Litecoin network. According to the data, 1,300,940 LTC transfers were completed between wallets. The total value of this transfer was equivalent to $97.4 million.
AltcoinsThis transfer, which took place in . As a matter of fact, the purpose of such transfers is not always clear.
The giant Litecoin transfer has reached two different recipients. The first of these addresses received 800,940 LTC and is a wallet whose details are unknown. Such addresses usually represent personal wallets. Indeed, the remaining 500,000 LTC has been transferred to a Binance-owned wallet.
Although the fate of the coins transferred to the wallet of the first transfer is not clear, it was feared that the assets transferred to Binance were transferred to the stock market. Investors often make such moves for the purpose of selling. Considering the large amount, this may put pressure on the Litecoin price.
At the time of writing, Litecoin price is trading at $74.73, down 1% from last week. LTC performed well last month, rising 31%.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.