Santiment reveals top traders aggressively accumulate LTC as Litecoin’s halving event nears, with dolphin and shark addresses holding 18 million LTC.
In a recent tweet, Santiment, an esteemed market intelligence platform, unveiled another intriguing insight into developments surrounding Litecoin (LTC) as the halving event nears.
Santiment revealed that with the highly anticipated Litecoin halving event looming ever closer, shark and dolphin addresses holding between $9.5K and $950K worth of Litecoin had zealously accumulated more LTC.
⚡️ With #Litecoin's highly anticipated #halving event within arm's reach on Wednesday, key traders holding between $9.5k and $950k worth of $LTC are aggressively accumulating. Like most coin halvings, this is being perceived as a #bullish event by traders. https://t.co/wkpoOrceCS pic.twitter.com/1UrxCdcoGS
— Santiment (@santimentfeed) July 30, 2023
Dolphin and Shark Hold over 18M LTC
Accompanying the tweet was an enlightening chart provided by Santiment. The chart unveiled that the mid-tier holders have accumulated 205.4K LTC since June 14.
Furthermore, the chart highlighted that the dolphin and shark wallets, whose LTC wallets house anywhere between 100 to 10,000 Litecoin, boast a cumulative holding of 18.18 million LTC.
Recall that The Crypto Basic reported early this month that Litecoin’s millionaire addresses have steadily risen as the halving draws nearer.
Notably, Santiment’s latest revelation garnered diverse reactions from the crypto community. One user raised a cautionary flag. He noted that the market should remain mindful of the possibility that these influential investors might choose to dump their assets on the market soon after Litecoin halved.
“It’s better people know that and don’t assume the price must go up ‘after halving,’” the crypto enthusiast remarked.
Similarly, another Twitter user countered the anticipation surrounding the halving. He alleged that previous instances had not significantly impacted the Litecoin price, except for rallies leading up to the event. However, this view opposes that of the analytic firm.
Santiment argued that seasoned traders regarded the accumulation frenzy as a bullish sign, as history has shown that such coin halvings often lead to promising outcomes. At press time, LTC trades at $92.26, with a 3.5% price growth over the past week.