Litecoin Whales Stir the Waters: Massive Accumulation Preceding Halving Event

• In the last 48 hours, Litecoin whales have amassed almost 600,000 LTCs, indicating high anticipation for the upcoming halving event.
• Despite a sustained downturn, Litecoin’s value recently observed a 1% uptick.

As the clock ticks towards Litecoin’s next halving event, the cryptocurrency’s whales are not holding back in their accumulation endeavors. This vigorous activity raises an intriguing question: How is this rampant acquisition affecting Litecoin’s volume and price evolution in the recent times?

An Uptick in Litecoin Holders

Emerging data sheds light on the persistent drive of Litecoin whales to accumulate LTC, with the crucial halving event just around the corner. In the past 48 hours, these mammoth investors have accumulated close to 600,000 LTCs.

A noteworthy parallel development is the rise in Litecoin holders. As per data from Santiment, on July 17, the total number of Litecoin holders stood at 8.84 million, a figure that has now increased to 8.85 million. To put this into perspective, in May, the total count of holders was still hovering around the 7 million mark.

Whale Activity: A Closer Look

The whale transaction count on Santiment, which specifically monitors transactions exceeding $100,000, has documented a significant upsurge in whale activity over the recent weeks, with daily transactions fluctuating between 100 and 200. As of now, however, this number has diminished to 37.

Moreover, transactions exceeding $1 million have also demonstrated substantial activity, with daily transactions surpassing 100 on some days. At present, this metric indicates relatively low activity with eight transactions.

Volume and Price Movement: An Overview

Despite significant whale movements, Litecoin’s volume currently remains at 478 million, suggesting no major influence from these activities. The volume peaked on July 1, surging beyond 3 billion.

However, Litecoin’s price trend exhibits a glimmer of positivity. Following a persistent downturn, the cryptocurrency witnessed over a 1% gain, with its trading value lingering around $92.6. This minor uptick concludes a consecutive five-day stretch of trading sessions closed with losses. Currently, the short Moving Average (yellow line) continues to provide support at around $91.

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