In the countdown to Litecoin’s highly anticipated halving event, whales have shown unwavering dedication to accumulating the cryptocurrency. The question now arises: How have their accumulation efforts influenced LTC’s volume and price trajectory in recent days?
New data reveals that Litecoin whales have amassed an impressive sum of approximately 600,000 LTC over the past 48 hours. This accumulation spree coincides with the imminent halving event, which adds to the excitement surrounding LTC.
Interestingly, as whales actively acquired LTC, there has been a gradual increase in the number of holders, as indicated by Santiment. On July 17, the total count of holders stood at 8.84 million, a number that has now risen to 8.85 million.
It’s worth noting that just a couple of months ago in May, the total number of holders hovered around 7 million, highlighting a significant growth in LTC ownership.
Analyzing whale transaction count data on Santiment reveals a notable surge in whale activity over the past few weeks. This metric specifically tracks transactions exceeding $100,000 and has consistently recorded between 100 and 200 daily transactions. However, the current count stands at 37 transactions, indicating a decline in activity.
Similarly, transactions exceeding $1 million also exhibited a respectable volume of activity, surpassing 100 daily transactions on certain days. Currently, it stands at eight transactions, suggesting relatively low activity levels.
Despite the accumulation efforts of whales, Litecoin’s trading volume did not experience any significant surges, standing at 478 million at the time of writing. This suggests that the recent whale movements did not have a substantial impact on the coin’s trading volume. The highest spike in volume occurred on July 1, surpassing 3 billion.
Moreover, after enduring a prolonged downtrend, Litecoin witnessed a slight recovery, with its trading value hovering around $92.6 at the time of writing, reflecting a gain of more than 1%. This positive shift follows a consecutive five-day period of closing trading sessions with losses.
Notably, the short Moving Average (yellow line) continues to provide support at around $91, reinforcing its role as a crucial level for Litecoin’s price action.
As the halving event draws nearer, Litecoin’s whale accumulation and increasing holder count add to the anticipation surrounding the cryptocurrency. Market observers will be closely monitoring how these factors impact LTC’s price and overall market sentiment in the coming days.