Litecoin whales have embarked on an accumulation spree as the upcoming halving event approaches.
Among whales, there has been a growing adoption of Litecoin (LTC), the 12th-largest cryptocurrency by market valuation. In a tweet yesterday, prominent crypto analyst Ali Martinez noted that top market whales have accumulated huge amounts of LTC.
Citing data from Santiment, Martinez said these whales purchased more than 590K LTC in 48 hours. Martinez added that the tokens were worth $59 million at the time of the report.
#Litecoin whales have bought over 590,000 $LTC in the last 48 hours, worth around $59 million! pic.twitter.com/RtHpuzSkFt
— Ali (@ali_charts) July 18, 2023
According to the Santiment data shared by Martinez, the latest accumulation spree involved whales holding between 100K to 1M Litecoin.
Growing Adoption Ahead of Halving
It is worth noting that the LTC accumulation spree suggests growing confidence in the coin. As reported, the number of millionaire addresses holding LTC surged tremendously earlier this month.
Interestingly, this massive accumulation shows that crypto whales are preparing for a price surge ahead of Litcoin’s halving event. Litecoin’s halving is scheduled to occur by around August 2, 2023.
The upcoming event will mark the third halving Litecoin will undergo since its inception. Litecoin’s emission will be reduced by 50% upon a successful halving event, with miners’ rewards slashing to 6.25 LTC from 12.5 LTC.
LTC Up 3% In 24 Hours
Litecoin’s price has continued to react positively to the latest accumulation by crypto whales. At press time, LTC is trading at $93.12, up 3% in the past 24 hours, according to data from CoinMarketCap.
LTC has been bearish for most of the month. The coin is down 0.5% month to date (MTD). Furthermore, LTC’s trading volume is also down 6.26% in the past 24 hours and is currently valued at $457.64M.
Notably, LTC is ranked as the 12th-largest cryptocurrency in the market, with a valuation of $6.8 billion.
Litecoin Records Other Positive Developments
Meanwhile, Litecoin has also recorded other positive developments, suggesting growing investors’ confidence in the asset class. Earlier this month, Litecoin reached a historic milestone of 170M transactions since its inception in October 2011. The team behind the cryptocurrency took to Twitter to announce the feat.
The #Litecoin network just processed its 170 millionth transaction! Which means Litecoin is accelerating, adding another 10 million in the last 7 weeks. Well over a million transactions a week. #SaturdayVibes
⚡ $LTC ⚡ pic.twitter.com/BZaFJNMV8o
— Litecoin (@litecoin) July 15, 2023
Litecoin’s official Twitter handle also disclosed that LTC ranked as the number one payment crypto on BitPay.
ICYMI: #Litecoin is the #️⃣1️⃣ #crypto for payments!! Last month, $LTC exceeded all others on #BitPay the worlds largest crypto payment processor!! Becoming the market leader in real use. #PayWithLITECOIN ⚡️ pic.twitter.com/paPpt3Bqsl
— Litecoin (@litecoin) July 18, 2023
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