The Litecoin price remains under pressure this week, as on-chain data suggests more whale selling. The LTC token was trading at $86 on Monday, June 30, down by over 41% from its highest point this year.
Litecoin Price Prediction as Whales Dump
The LTC price has come under pressure in the past few months as whales continue to sell the token. Santiment data shows that holders with between 1 million and 10 million tokens now hold 6.63 million tokens, down from the year-to-date high of 8.74 million.
Another data shows that holders with between 100k and 1 million tokens now hold 27 million coins, down from the year-to-date high of 27.5 million. Whale selling is one of the most bearish signals in fundamental analysis.
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A potential reason why whales are selling is that investors anticipate that a spot Litecoin ETF will likely not have substantial inflows once approved.
They have also dumped the token because of its weak technicals. The daily chart below shows that the Litecoin price formed a triple-top pattern at $ 140.90 and a neckline at $86, where it is currently trading.
Litecoin price has also formed a death cross pattern, as the 200-day and 50-day moving averages crossed each other. This is one of the most bearish patterns in technical analysis.
Therefore, the LTC price will likely continue falling as sellers target this month’s low of $76, the lowest swing on June 22. A break below that level will indicate further downside, potentially to the year-to-date low of $63. The bullish view will become invalid if it moves above $100.
Bitcoin Pepe (BPEP) Inflows Are Soaring
Meanwhile, Bitcoin Pepe is gaining traction even as whales dump their Litecoin tokens. It has already raised over $16.2 million from investors, a trend that may continue after the developers unveiled their listing roadmap.
In a statement, the developers announced that the project will be listed on MEXC, a leading cryptocurrency exchange. This is in addition to BitMart and Uniswap, which were unveiled earlier.
Uniswap is the biggest decentralized exchange, while MEXC and BitMart handled over $1.78 billion and $3.2 billion in spot volume in the last 24 hours. A closer look at the website reveals that the next exchanges to be added may be OKX, Bybit, and BingX.
Being listed on these tier-1 exchanges could be a sign that the Bitcoin Pepe price will surge after listing.
In addition to the listings, Bitcoin Pepe’s developers are building a layer-1 network that could gain market share in the crypto industry. This product aims to leverage Bitcoin’s popularity to disrupt Solana, which has become the biggest player in the meme coin space. Learn more about Bitcoin Pepe here.
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