Litecoin (LTC) whales are back in the market as the bull market solidifies. A number of huge trades have been flagged, suggesting millionaire accounts will come into play.

Litecoin activity on the chain and whales highest in 4 months

Litecoin on-chain and whale activity has increased recently, according to analytics platform Santiment. In a report sent to X (formerly Twitter), Santiment revealed that there has been a huge enhance in Litecoin activity on-chain.

The chart provided by the tracker showed that the jump occurs as prices recover, which would be a reason for investors to wake up again. Santiment noted that this uptick in on-chain activity has pushed blockchain address activity, as well as whale activity, to levels not seen since June, representing a 4-month high for this metric.

After a drastic decline in this rate over the last few months, a total of 319,000 addresses were vigorous on the network daily. Additionally, weekly whaling transactions, or transactions worth more than $100,000, increased to a up-to-date 4-month high of 7,418.

These aren’t the only metrics that saw a surge as the dormant LTC address started seeing traffic again. These addresses, which had previously been untouched for some time, began to move coins, increasing the current number of coins in circulation.

LTC Ready to Shoot to $100?

The revival of Litecoin’s on-chain activity is a welcome development for the network, but it is not a growth rally. The reason is the reaction of the LTC price since the launch of this activity, which is not confident.

As dormant LTC began to move again, the price began to decline. This suggests that this subset of holders may sell their coins after holding their coins and waiting for better prices. In this case, selling pressure exceeded demand for the coin.

A continuation of this situation will likely cause the price to decline further, and a rebound to $100 is still distant on the horizon. So this recent enhance in activity may simply mean that investors are choosing to sell rather than coming back to participate in the buying.

The price of LTC has already dropped from $69 on Thursday to just $67 on Friday, after which there has been a slight recovery. Litecoin is currently trading at $67.8, down 2.14% in the last day.

LTC sitting at $68 | Source: LTCUSD on Tradingview.com

Featured image from Shutterstock, chart from Tradingview.com