• Litecoin (LTC) whales have increased their holdings by $59 million in anticipation of the upcoming halving event on Aug 2.
• The “crowd discovery” of the event took place in mid-May, and transaction volumes have taken off since then.
• As large holders accumulate, retail investors are also joining in, strengthening the upward trend.
Litecoin Whales Increasing Holdings
Litecoin (LTC), one of the oldest altcoins, is preparing for a halving on Aug 2. According to data tracker Santiment, addresses holding between 100,000 and 1 million LTC now hold over 35% of the supply, pumping their purses by $59 million. This has been driven by growing interest as a result of the approaching halving event.
Halving Event Could Drive Price Appreciation
The halving event will occur on Aug 2 at 1725 GMT when mining rewards will suddenly drop from 12.5 LTC to just 6.25 LTC. Reduced supply and increased demand would make logical sense based on history as similar events have caused price appreciation for Bitcoin in past years.
Retail Investors Join In
The “crowd discovery” of the event took place in mid-May with forums and posts beginning to see increased interest as traders were reminded that this event was within three months away. Following this, transaction volumes began to take off as large holders accumulated and retail investors followed suit by joining in too – strengthening the upward trend further still.
The upcoming Litecoin halving could be a major driver for price appreciation due to reduced supply and increased demand amongst both whale and retail investors alike – creating an exciting opportunity for LTC holders ahead of Aug 2nd!