Whales Continue To Buy Cheap Litecoin

Two new wallets entered the Top 10 richest Litecoin wallets this week. These two new wallets added 1.5M Litecoin on 11/3 roughly costing $93M. These two wallets now make up over 2% of the total Litecoin circulating supply.

Also, two existing Top 10 wallets added 230k in litecoin costing $13.8M on 11/2, and another added 157k in litecoin costing $9.4M on 11/3.

It's clear that some large investors, exchanges, or other entities are loading up on litecoin. This is all while retail has left and the enthusiasm for this space has dwindled during this bear market.

We can speculate a little bit here that these two new wallets could be Twitter or MoneyGram. Elon Musk now owns Twitter and has publicly made plans to add dogecoin. Perhaps he is also adding Litecoin support as well. This would make sense as the Litecoin network actually saved Dogecoin from security issues and 51% attacks in 2014. These two networks now share the same security through merge mining. There is an incentive for both networks to gain in adoption and usage together. Furthermore, Litecoin development can be added to Dogecoin in the future as Litecoin has more advanced upgrades such as SegWit, MWEB, and the lightning network.

It is also possible that MoneyGram has made a large purchase as it now offers the ability to buy Litecoin through its MoneyGram app. This announcement was made on 11/2 and correlates with the top wallets adding more significant amounts of litecoin.

Of course in the future as Litecoin MWEB (the ability to keep wallet amounts private) is more readily available we won't be able to see the amounts in wallets like this and the Top 10 litecoin wallets will be no more.