New Delhi(CoinChapter): As the highly anticipated halving event for Litecoin looms just a month away, recent on-chain data reveals a surge in the number of Litecoin whales, marking a significant development in the cryptocurrency market.
According to leading on-chain analytics firm Santiment, the count of LTC “millionaire” addresses has experienced a notable upswing in recent times. This surge is measured by the “Supply Distribution” indicator. Consequently, the indicator provides insights into the number of addresses associated with specific wallet groups on the Litecoin network.
These wallet groups are categorized based on the total number of coins held within them. For instance, the 100-1,000 coins cohort encompasses all addresses or investors on the blockchain that currently hold a balance ranging between 100 and 1,000 LTC.
Of particular interest in this discussion are the millionaire LTC holders, who play the role of whales in the market. These colossal investors possess substantial quantities of Litecoin in their addresses, making them highly influential players.
The graph below depicts the recent fluctuations in the total number of addresses held by these major Litecoin investors over the past few months.
Notably, the number of addresses holding at least 10,000 LTC has experienced a remarkable surge during this period.
The increasing count of whale addresses suggests the arrival of more significant investors into the network. These investors are actively acquiring notable amounts of the cryptocurrency. Furthermore, the approaching Litecoin halving, scheduled to occur in just a month, likely drives this surge of interest in the asset.
The term “halving” refers to a recurring event that approximately occurs every four years. It permanently reduces the block rewards for miners by half. Since block rewards serve as the sole means of generating new Litecoin, the supply growth becomes more limited following halvings.
Halving events have historically sparked a bullish sentiment surrounding the cryptocurrency. Recently, LTC has experienced an upward trend. This has led many to believe that this price surge may continue leading up to the halving event.
However, in the past few days, the cryptocurrency experienced a minor setback, resulting in a price decline. Despite this dip, the graph indicates that the whale addresses have remained steadfast. This suggests that these investors still maintain a positive outlook on the asset.
Litecoin (LTC) Price
At the time of writing, Litecoin (LTC) price is trading at $98.22 down 2.32%
