New ATH – Over $28 billion in daily value transferred over the Litecoin network.

Last week, Litecoin recorded the largest transfer of $USD value across the network in its nearly 10-year history. This totals $28,105,552,197, or Ł91,083,228, which is more Litecoin than ever before, according to data provided by Blockchair. This value surpassed the previous biggest day recorded on December 21, 2017, when it reached an incredible $11.5 billion.

Such large values, exceeding the total market capitalization, are rare, but have happened before and can be achieved by network participants making numerous large transactions per day. For example, exchange deposits are typically processed once and then traded twice for twice their original value.

This amount probably coincides with the massive sell-off we have seen across the entire cryptocurrency market. This movement also coincides with a -2.2% decline in coins held by the top 100 addresses on the network, although this is generally attributed to exchange storage wallets. This could mean large-scale accumulation into private ownership.

In addition, it is clear that it is not spam, as the transaction volume did not increase abnormally and the average transaction amount also increased proportionately. The ‘coin expiration days’, which measures the age since a coin was last moved on the network, was not affected, indicating that the coin’s owner is relatively new to the network.

The full picture is unclear, but while some of this value may have been accumulated, it is likely that a significant amount was contributed to exchange deposits as a reactionary action to the initial panic seen last week.