Litecoin: Upcoming halving piques whale interest

• 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. 

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.

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. 

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.