- Recent on-chain data shows a notable increase in Litecoin ‘whales’, or addresses holding a minimum of 10,000 LTC.
- This rise in substantial investors comes as the Litecoin network gears up for its halving event, expected to cause a bullish sentiment in the market.
Gathering Momentum: Litecoin Whales on the Rise
On-chain analytics firm Santiment has reported a remarkable surge in the number of Litecoin ‘whales’. The ‘Supply Distribution’ metric is central to this development. This measure provides insight into the distribution of wallet groups within the Litecoin network, categorized according to the number of coins each holds.
The wallet groups range from those holding 100 to 1,000 coins to the so-called ‘millionaire’ LTC holders. At current prices, this category equates to those holding 10,000 LTC or more. It is this group of considerable investors, or ‘whales’, that have seen a marked increase in recent months.
The Influence of Whales on Litecoin’s Market
These whale investors wield significant power due to the substantial quantity of LTC they possess. The increase in whale addresses suggests an influx of large investors acquiring substantial amounts of the cryptocurrency.
During the past few months, there has been a 6% increase in the number of whales, indicating growing interest in the asset. The catalyst for this uptick is likely the approaching Litecoin halving event, which occurs roughly every four years and slashes the block rewards, or the new Litecoin produced, by half. As a result, the rate of asset supply growth decreases, which historically has driven a bullish sentiment in the market.
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Despite the recent dip in Litecoin’s price, the whale addresses remain unperturbed, signaling continued bullish confidence in the asset. This anticipation is further propelled by Litecoin’s recent rally, leading many to speculate that the price surge could extend to the halving event.
As of now, Litecoin trades around $104, marking a 24% rise over the past week. As the halving event nears, the actions of these influential investors will be keenly watched for their potential to sway the market.
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