The countdown timer shows that there are less than 15 days until the Litecoin halving. Litecoin’s major wallet investors have accumulated 590,000 LTC tokens in the last 48 hours ahead of the upcoming halving. Whales spent around $55 million over a two-day period to increase their LTC holdings.
The countdown has begun for the Litecoin halving!
Litecoin is approaching its much-anticipated halving. According to the Nicehash countdown timer, LTC’s block reward halving is less than 15 days away. The halving is generally considered a bullish event for the altcoin. Major wallet investors on Litecoin have been accumulating altcoins continuously over the past 48 hours. Thus, it fuels the bullish thesis among market participants. It’s almost a year before Bitcoin’s halving. However, Litecoin, created by the fork of BTC, is approaching its halving event. According to the Nicehash countdown timer, the LTC block reward will be halved on August 3.
Litecoin halving countdownLitecoin miners are preparing for a coup. The block subsidy will decrease from 12.5 LTC to 6.25 LTC per block.
Whales pile up LTC ahead of Litecoin halving
Among whales, the adoption of Litecoin (LTC), the 12th largest cryptocurrency by market capitalization, is on the rise. Leading crypto analyst Ali Martinez states in a post that the leading whales in the market have accumulated large amounts of LTC. Citing Santiment’s data, Martinez says these whales bought more than 590,000 LTC in 48 hours. Martinez adds that the tokens are worth $59 million at the time of the report.
#Litecoin whales have bought over 590,000 $LTC in the last 48 hours, worth around $59 million! pic.twitter.com/RtHpuzSkFt
— Ali (@ali_charts) July 18, 2023
According to the Santiment data shared by Martinez, whales holding 100,000 to 1 million Litecoins participated in the latest accumulation spree.
Source: SantimentLTC price performance and developments
Litecoin’s price continued to respond positively to the recent accumulation of crypto whales. At press time, LTC was trading at $93.12, up 3% in the last 24 hours. However, LTC has been bearish for most of the month. Accordingly, the coin has dropped 0.5% monthly (MTD) to date. In addition, LTC’s trading volume has also dropped 6.26% in the last 24 hours. Thus, it is currently down to $457.64 million. Notably, LTC ranks as the 12th largest cryptocurrency in the market with a valuation of $6.8 billion.
Meanwhile, Litecoin has also recorded other positive developments that show increased investor confidence in the asset class. cryptocoin.com Earlier this month, Litecoin hit a historic milestone with 170 million transactions since its inception in October 2011. The team behind the cryptocurrency announced this achievement on Twitter.
The #Litecoin network just processed its 170 millionth transaction! Which means Litecoin is accelerating, adding another 10 million in the last 7 weeks. Well over a million transactions a week. #SaturdayVibes
⚡ $LTC ⚡ pic.twitter.com/BZaFJNMV8o
— Litecoin (@litecoin) July 15, 2023
Furthermore, Litecoin’s official Twitter address also revealed that LTC is ranked as the number one payment crypto on BitPay.
ICYMI: #Litecoin is the #️⃣1️⃣ #crypto for payments!! Last month, $LTC exceeded all others on #BitPay the worlds largest crypto payment processor!! Becoming the market leader in real use. #PayWithLITECOIN ⚡️ pic.twitter.com/paPpt3Bqsl
— Litecoin (@litecoin) July 18, 2023
