HomeNewsA Surge in Litecoin Accumulation by Whales: Is Halving Event the Cause?

A Surge in Litecoin Accumulation by Whales: Is Halving Event the Cause?

- Advertisement -
  • Major investors are heavily purchasing Litecoin (LTC) possibly in anticipation of the upcoming halving event.
  • The halving event can inject positivity into Litecoin, as it will reduce the rate of LTC coin production, which may result in a price upsurge due to its deflationary impact.

Whales Dive Deep into Litecoin Reserves Ahead of Halving Event

The market’s major players, often termed ‘whales’, are significantly amassing Litecoin (LTC) in what seems to be a hopeful sign for the protocol’s short-term outlook. Based on data provided by Santiment, Litecoin whales have purchased over 590,000 LTC within the previous 48 hours, a value approximately equivalent to $59 million.

This massive accumulation is starting to shape up into a pattern, as whales are seemingly accounting for the impending Litecoin protocol halving event. Slated for August, this event is considered one of the most impactful moments within the protocol.

Potential Upside for Litecoin through Halving

- Advertisement -

The halving event stands to usher in a wave of positivity for Litecoin. This event will result in a reduction by half of the block rewards received by miners. Consequently, the LTC coin’s production rate will decline—a technically deflationary aspect. When combined with growing demand, this feature can potentially trigger a unique upside for the price.

In tandem with most altcoins, Litecoin is sketching a bullish trend, fuelled by a convergence of positive data around it. At the time of writing, the coin has seen a rise of 2.19%, amounting to $93.39. Currently, it’s striving to recoup losses experienced over the preceding week.

>> Buy Litecoin quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with LTC now. Visit Website <<

A Junction of Positivity for Litecoin

- Advertisement -

Currently, Litecoin finds itself at a crossroads where several positive factors are contributing to molding investor sentiment across the board.

In addition to the upcoming halving event, Litecoin has been progressively asserting its role in payments, with new records and milestones as evidence. Having processed over 170 million transactions since its initiation, Litecoin belongs to an elite group of protocols that have maintained a 100% uptime.

The introduction of Ordinals Inscriptions on Litecoin further underscores the protocol’s flexibility and innovation, providing a further positive nudge. This confluence of positive developments might just be the push Litecoin needs to solidify its market position, and the ongoing whale accumulation could be a testament to this potential.

Best Crypto Exchange for Everyone:

  • Invest in Litecoin and 70+ cryptocurrencies and 3,000 other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
- Advertisment -spot_img