2023-07-19 12:18:15
We just recently wrote regarding the movement of a long-inactive Ethereum whale, but whales are quite active on other networks as well. According to a new set of data from Santiment, Litecoin (LTC) whales have started a serious acquisition of the coin. In the last two days alone, nearly 600,000 LTC worth roughly $59 million have been purchased. In all likelihood, however, the background of the purchase may be preparation for the upcoming Litecoin halving. Events are (also) spinning on the Litecoin protocol Sometime in mid-August, the Litecoin halving is expected, which is considered one of the most important events of the protocol this year. As a result of the halving, the reward for Litecoin miners will drop to half. So the number of generated LTC coins continues to decrease, which basically has an anti-inflationary effect. Adding this to the fact that the demand for litecoins is increasing anyway, many expect a significant jump in the price. Like most altcoins, litecoin is in a serious bull market trend, trading around $93 at the time of writing. This is good news, since last week Litecoin holders suffered a slight drop in the exchange rate. In addition to the halving event, positive news also includes the increasing acceptance of the coin as a means of payment and Litecoin being one of the protocols that has been operating without any interruptions or outages since its inception. Then Litecoin inscriptions appeared (Ordinals Inscriptions), so it can be said that although it is less in the news, this protocol is developing nicely. And thanks to the constantly growing number of transactions, the halving and new developments, the exchange rate also looks encouraging for the future.
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