A week ago Litecoin saw the biggest $USD value transfer over its network in the almost ten year history, totalling $28,105,550,152 or L91,083,233, more litecoin than is ever going to exist based on data supplied by Blockchair. This value eclipses the last largest day printed around the 21st of December in 2017 which arrived at an impressive $11.4Bn.
This type of large value which eclipses the whole market cap, is rare but has happened before and could be achieved by network participants making numerous large transactions right away. For instance, an exchange deposit is usually transacted two times once processed comprising double the amount original value.
This amount possibly unsurprisingly is aligned using the massive sell we’ve just observed over the entire crypto market. Even though the move also coincides having a -2.1% decrease in coins held through the best players address around the network, that are typically related to exchange storage wallets. This then may suggest large accumulation into private possession.
It is also apparent this isn’t junk e-mail because there wasn’t an abnormal spike in transactions and also the average transaction value elevated proportionally. ‘Coin Days Destroyed’ which measures age since coins were last managed to move on the network wasn’t effected either indicating these coins proprietors are relatively recent towards the network.