Assessing why LTC whales stood on thin ice despite Litecoin’s 2022 performance

1 year ago 119
  • Litecoin processed 39 cardinal transactions successful 2022
  • It saw implicit 50 cardinal unsocial wallet addresses, nevertheless astatine property time, LTC mislaid much than fractional of its value  

Litecoin [LTC], the decentralized, open-source cryptocurrency web closed the 2022 trading twelvemonth with implicit 39 cardinal transactions completed connected it.

The Litecoin Network completed implicit 39 cardinal transactions successful 2022. A caller record!


— Litecoin (@litecoin) December 31, 2022

Despite the wide downtrend that marked the past trading year, Litecoin recorded a fewer milestones connected and disconnected chain. In summation to a leap successful the number of transactions processed connected the network, the fig of unsocial addresses connected Litecoin successful 2022 totaled 52 million.

Furthermore, the Litecoin Foundation released its 2022 recap via a blog post. The non-profit enactment founded to beforehand Litecoin noted that the code number was the “second astir of immoderate cryptocurrency” successful 2022.

Read Litecoin’s [LTC] Price Prediction 2023-24

It added,

“This isn’t the lone marker of accrued usage and adoption, but an illustration of the ever-increasing enlargement of the Litecoin ecosystem.”

Further, during the year, Litecoin’s hashrate registered a caller all-time precocious of 613.81TH/s. Additionally, the network’s mean trouble clinched an all-time precocious connected 3 December successful the 11 years of the network’s operation.

No whales to prevention LTC

Not spared from the terrible marketplace diminution successful the past year, LTC’s worth dropped by 54%, information from CoinMarketCap revealed.

For context, astatine the opening of 2022, the altcoin traded per portion astatine $151. As the carnivore marketplace intensified, it exchanged hands for arsenic debased arsenic $43 successful June. After marking that year’s low, it rebounded gradually to extremity the trading twelvemonth astatine $68.

In summation to an wide diminution successful maturation successful 2022, on-chain information revealed that cardinal LTC whale addresses gradually distributed their tokens wrong the 12-month period.

For example, erstwhile Terra-Luna collapsed successful May, the number of LTC whale addresses that held 10,000 to 1,000,000 LTC tokens fell sharply by 6% betwixt 24 and 25 May.

The number rebounded temporarily astatine the opening of June but soon fell arsenic affirmative condemnation exited the marketplace gradually successful the 2nd fractional of the year.

Between January and December 2022, the number of this cohort of LTC holders went down by  6%, information from Santiment showed.

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Conversely, sharks that held 1 to 10,000 LTC tokens intensified accumulation. However, this was not capable to thrust up the asset’s worth amid lingering wide marketplace decline. 

Source: Santiment

On the developmental front, Litecoin completed the implementation of its MimbleWimble upgrade connected 19 May 2022. The upgrade was executed to heighten the idiosyncratic acquisition by providing users the enactment to marque confidential transactions connected the Litecoin Network.

After the deployment of this upgrade and its respective updates during the year, improvement enactment connected Litecoin plummeted significantly. This was due to the fact that it touched 0 a fewer times. It ended the twelvemonth astatine 0.21, per information from Santiment

Source: Santiment

With Litecoin’s respective partnerships expected to carnivore fruits successful the caller twelvemonth and the scheduled halving successful August 2023, LTC mightiness beryllium owed for a rally. 

Abiodun is simply a full-time writer moving with AMBCrypto. He is besides a lawyer with implicit 2 years of experience. With a keen involvement successful blockchain exertion and its limitless possibilities, Abiodun spends his clip knowing the technology, gathering projects, and educating radical astir it.

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