• Litecoin (LTC) is preparing for an upcoming halving event on Aug 2.
• Whales are actively accumulating LTC, with addresses holding between 100,000 and 1 million LTC now controlling 35% of the supply.
• Retail investors have followed suit, increasing transaction volumes that could result in a price appreciation.
Litecoin Halving Event
The halving event for Litecoin (LTC) is set to take place on Aug 2 at 1725 GMT on block 2,140,000. This will reduce the reward for mining Litecoin from 12.5 LTC to just 6.25 LTC. Historically, reduced supply and increased demand has been seen following halvings which has caused prices to increase.
Whale Accumulation
Addresses holding between 100,000 and 1 million LTC now control over 35% of the supply according to Santiment’s data tracker – pumping their purses by $59 million since early July due to the drawing halving event and price depreciation. Furthermore, Santiment has reported that Litecoin saw a 6% whale address number increase in the previous five months leading up to this event.
Retail Investor Interest
Retail investors are beginning to take note of this upcoming halving as well as the whales’ accumulation of LTC tokens – forums and posts have seen increased interest since mid-May when “crowd discovery” was made of this event taking place within three months away as stated by Santiment. This has led to an increase in on-chain transaction volumes which could spur price appreciation when more people begin buying into it after hearing what whales have been doing with their crypto investments recently.
Impact on Price Appreciation
As there is decreased production of each coin moving forward due to the halving event, it puts more value on each existing LTC coin causing more investors both retail and large holders alike begin buying into it in hopes that its value will rise significantly due to its scarcity following the halving date mentioned above – August 2nd at 1725 GMT .
Conclusion
In conclusion, with a decrease in mining rewards for litecoins and a significant increase in whale activity coupled with retail investor interest – prices could potentially appreciate significantly heading towards August 2nd when the halving takes place officially at 1725 GMT time on block 2140k .