Litecoin whales show strong LTC hoarding, as the halving event approaches.
Litecoin (LTC) whales have shown an unwavering dedication to the hoarding of this cryptocurrency, especially as the highly anticipated halving event approaches.
The halving may be favorable to Litecoin, as the block rewards for miners will be halved. This means that the production rate of the LTC coin will be reduced, a feature that is technically deflationary which, combined with increasing demand, can have a unique advantage for price.
Litecoin, like most altcoins, is charting a bull run thanks to the confluence of positive data surrounding it. The coin is up 2.19% to $93.39. At the current level, you are pushing to cut the losses accumulated over the past week.
In the last 48 hours, these whales have amassed an impressive amount of approximately 600,000 LTC. This intense activity raises a crucial question: To what extent has its hoarding influenced the volume and price trajectory of LTC in recent days?
Increase in the Number of Litecoin Holders
As these whales actively acquired LTC, a gradual increase in the number of holders was observed, as indicated by Santiment. On July 17, the total holder count stood at 8.84 million. However, so far, this figure has risen to 8.85 million. As recently as May, the total number of holders was still hovering around the 7 million mark.
A close examination of the data on the number of transactions by whales, according to Santiment, has revealed a notable increase in whale activity in recent weeks. However, the number of transactions has recently decreased to 37.
Litecoin volume did not show noticeable increases at press time, as it stood at 478 million. This suggests that the currency was not affected by the recent movements of the whales. After enduring a prolonged downtrend, Litecoin experienced a slight relief.
Its trading value at press time was around $92.6, reflecting a gain of more than 1%. This metric exceeded 100 transactions per day on certain days, standing at eight transactions, indicating a relatively low level of activity.
How the Litecoin Whales Have Moved in the Last Days
Examining closely the transaction count data for whales in Santiment has revealed a notable increase in whale activity in recent weeks. Whale Transaction Count specifically tracks transactions that exceed $100,000 and has consistently logged between 100 and 200 transactions daily.
The Litecoin whales’ activity, as well as the increase in the number of LTC holders, suggest increasing optimism in the market as the halving event approaches.
In addition to the halving event, Litecoin has been gaining traction in its role in payments, with new records and milestones to prove it. With over 170 million transactions processed on the network to date, it is one of the few protocols that has maintained 100% uptime since its inception.
Litecoin is trading at $93.01 in the green at noon as of July 19. The 70 and 200 SMAs are below the three weekly candlesticks, the RSI is up at 48 points, and the MACD fast line is just above the zero level. Medium to long-term resistance is at $114.82.
Although the intensive hoarding of LTC by the whales has not led to notable increases in Litecoin volume, it has contributed to a slight recovery in its trading value. As the cryptocurrency landscape continues to evolve, it will be interesting to see how these trends play out and what impact they will have on the future of Litecoin.
By Audy Castaneda
