Connect with us
Active Currencies 13943
Market Cap $2,428,145,907,123.71
Bitcoin Share 51.74%
24h Market Cap Change $1.83

Litecoin: Upcoming halving piques whale interest

2min Read

As the Litecoin halving draws near, whales dive in, driving increased interest. Social buzz and price trends reflect the growing anticipation in the crypto community.

Litecoin: Upcoming halving piques whale interest

Share this article

  • Whales holding 10,000 and more LTC have increased by 6%.
  • LTC price increased by 1.75% as whale accumulation continued.

With the Litecoin [LTC] halving less than a month away, the token has been buzzing with heightened activity as the countdown ticks on. Whales, in particular, have shown a noticeable surge of interest.


Read Litecoin’s [LTC] Price Prediction 2023-24


Litecoin whales start accumulation

The approaching Litecoin halving has ignited a fresh spark of curiosity in the project, as indicated by insights gathered by Santiment. However, this newfound interest appears to be driven by whales, signifying the arrival of big players in the field. 

Litecoin whale accumulation

Source: Santiment

According to Santiment’s data, 32 additional addresses holding 10,000 or more LTC have been included in the last five months.

This surge accounted for a notable 6% rise in the number of major holders. It brought the tally of such holders to approximately 579 at the time of this composition.

Litecoin on the social front

As per the Litecoin Block Half countdown, the halving event was approximately 27 days away at press time. With each passing day, the community’s anticipation appeared to have grown.

An examination of Litecoin’s social dominance shed light on its following within the crypto sphere. 

Santiment’s social dominance metric revealed that LTC held a modest 1% share of the ongoing discussions within the crypto community at the time of writing. While this figure may seem relatively low, it may increase as the halving date draws nearer, attracting more attention and engagement.

Conversely, an analysis of the social volume indicated a decline in activity. The press time social volume stood at approximately 24, suggesting fewer searches or inquiries related to LTC as of this writing.

LTC social volume and dominance

Source: Santiment

LTC price trend

Upon examining the daily timeframe of Litecoin, a noticeable reversal in its trend was observed compared to the closing of trades on 5 June. At the time of writing, LTC was trading at approximately $104, experiencing a positive gain of over 1.7%.

This recent movement followed a period of a downward trajectory that followed a substantial 30% price surge. 

LTC/USD price trend

Source: TradingView


How much are 1,10,100 LTCs worth today?


Additionally, the Relative Strength Index (RSI) surpassed 60, indicating a robust bullish trend. Moreover, the RSI line displayed indications of a potential upward continuation in line with the latest price increase. 

Given the increased accumulation by whales, there is a possibility that LTC may witness further price appreciation leading up to the halving event.

Share

Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.