• Litecoin (LTC) whales are accumulating before the upcoming halving event on Aug 2.
• The addresses holding between 100,000 and 1 million LTC now hold over 35% of the supply.
• Reduced supply and increased demand could pump the price of LTC as retail investors join in.

Litecoin (LTC) Whales Increasing Holdings

According to Santiment data tracker, addresses holding between 100,000 and 1 million LTC now hold over 35% of the supply, pumping their purses by $59 million. The whales have been actively accumulating since early July due to price depreciation and the drawing halving event that is set for August 2nd.

Halving Event Could Pump Price

The halving will take place on block 2,140,000 when mining rewards drop from 12.5 LTC to 6.25 LTC, reducing the coin’s supply while potentially increasing its demand from investors who recognize its value in a slower production rate.

Retail Investors Follow Whales

As large holders continued their accumulation efforts, retail investors followed- suit further strengthening the overall trend of increased demand heading into the halving event on August 2nd. Posts began to see increased interest reminding traders that this event was within three months away resulting in an increase in transaction volumes which could spur price appreciation over time.

Previous Halvings

In past Litecoin halvings there has been a notable increase in price following these events as seen during the 2015 and 2019 halvings respectively where prices rose 4x leading up to each respective halving date only to rise again shortly afterwards during post-halving bull markets before correcting back down with renewed bear markets afterward.

Conclusion

The Aug 2nd Litecoin Halving is expected to be an exciting event for investors interested in taking advantage of reduced coin supplies and increased investor sentiment surrounding this altcoin pioneer’s milestone event as it continues into its 9th year since launch with more potential upside ahead of it than ever before!