60% of total Litecoin supply moved by single address

A series of whale movements are being witnessed by the crypto market. In a new whale move around 36 million Litecoins [LTC] have been transferred to the top 50 LTC wallets. It is possible that these LTCs were moved to exchange wallets which usually possesses hefty amounts of LTC.

On December 4, a twitterati called the LTC whale watcher tweeted that top 50 LTC wallets received 45000 litecoins than they have sent. In another tweet yesterday, then whale watcher noticed another movement where 20,000 LTCs were sent to the fifth largest LTC wallet. A few minutes later he tweeted again to say that, “the top LTC 50 wallets have sent 20,000 more Litecoin than they have received.”

These significant amounts of transactions is a cause of alarm for the wallet ecosystem. On November 30, Weiss Ratings, a company which rates cryptocurrencies, tweeted that around 35.4 million LTC, 60% of the total supply was moved by one wallet. It suggested that this points to the centralization of the Litecoin network.

Litecoin whales might be accumulating Litecoin to alternate the market. The whale can also dump this amount to effect a downturn in the Litecoin market. Other cryptocurrencies have also been noted to have significant amounts moving to unidentified wallets. Recently, over $989 million XRP was moved in a span of four hours. The largest transaction was noted to be 9991,999,959 XRP. This transaction gave rise to a flurry of comments on Twitter which suggested that Ripple was not truly decentralized.

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