Litecoin (LTC) millionaire addresses increase ahead of halving; Santiment points to a potential rally with whale accumulation.
In a recent tweet, Santiment, a prominent market intelligence platform specializing in on-chain and social metrics for over 2,500 cryptocurrencies, shared an exciting update about the Litecoin (LTC) ecosystem.
The platform revealed that the number of millionaire addresses for Litecoin (LTC) is consistently increasing, adding to the anticipation building up as the halving event looms closer.Â
âš¡ #Litecoin's #millionaire addresses are continuing to increase in number, as the #halving is within a month away now. Prices corrected over the #4thofJuly break, but don't be surprised if another $LTC rally happens with all of this #whale accumulation. https://t.co/L7MEhgPrTU pic.twitter.com/83wc2zkiCC
— Santiment (@santimentfeed) July 5, 2023
The tweet, accompanied by an image illustrating the performances of LTC addresses holding above 10k, acknowledged a price correction during the 4th of July break. However, Santiment suggests another rally might be on the horizon, fueled by substantial whale accumulation ahead of the halving event on the LTC network.
Additionally, the market chart from the data analytic firm shows that 32 more addresses holding over 10k LTC have popped up in the past five months. This brings the total address to 580, representing an over 6% increase. A look at the charts shows that this rapid surge can be attributed to addresses holding between 10,000 to 100,000 LTC.
LTC Sees 26% Gain in One Day
Providing further insight, Santiment’s tweet from five days ago highlighted the imminent arrival of Litecoin’s halving, scheduled for Aug. 3. The tweet coincided with a remarkable surge in LTC prices, skyrocketing by over 26% in a 24-hour window.
âš¡ #Litecoin is under 5 weeks away from its #halving, taking place on August 3rd. Prices have suddenly soared for $LTC, blasting off for a +26% in just over a day. Watch for mainstream #FOMO, as this usually foreshadows local tops until crowds calm down. https://t.co/KljBpjVy3C pic.twitter.com/7kDqEpyZjz
— Santiment (@santimentfeed) July 1, 2023
Nonetheless, Santiment cautioned that mainstream fear of missing out (FOMO) might trigger excessive market enthusiasm, potentially leading to localized price peaks until the hype settles.
The Litecoin HalvingÂ
Like Bitcoin (BTC), the Litecoin halving event occurs approximately every four years. The event is critical for the crypto as it slashes the block reward miners receive in half, reducing the rate of new LTC supply entering the market.Â
Specifically, the 2023 Litecoin halving will reduce the block reward from 12.5 LTC to 6.25 LTC. This scarcity-driven mechanism often generates heightened investor interest and triggers significant price movements.
This is illustrated in the latest update from the market intelligence firm about millionaire LTC investors increasing in number in recent weeks as the cryptocurrency’s halving event draws closer.
In a tweet shared in June, Santiment unveiled a 6.5% surge in Litecoin’s market value within 24 hours. It attributed the increase to a significant wave in on-chain transaction volume, reaching a two-year high.Â
Additionally, whale activity surrounding Litecoin reached its highest point since January, further contributing to the growing excitement surrounding the halving.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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