Due to its halving event that took place in August, Litecoin has become one of the top-trending cryptocurrencies over the past few months. Investors in cryptocurrencies started packing their LTC bags as the event came in anticipation of what is anticipated to be a very positive occasion. Sharks have made amazing efforts to position themselves for possible upside with less than two days until the halving.
#Litecoin halving is just around the corner.
After Aug 5, 2023, miners will receive 6.25 $LTC instead of 12.5 LTC.
Its a significant event for LTC, but it won't have the same impact as Bitcoin's halving due to market dominance.
Let’s see if the reactions vary from past events.
— Elite Crypto (@TheEliteCrypto) May 15, 2023
Litecoin Sharks Load Up Their Bags
Investors’ current perceptions of Litecoin were highlighted through research released by the on-chain tracking platform Santiment. The dolphin and shark wallets, which have dramatically boosted their holdings over the past month, displayed an amazing collection trend on the graph.
Disbelief just around the corner.
I don’t see this going to $10 for every man and their dog to load up before hitting 4 figures…
— Hopium Dealer Ⓜ️🕸 (@Litecoin_Shark) December 1, 2022
According to Santiment’s analysis, these wallets have added more than 200,000 coins to their balances since June 14 and currently possess between $9,500 and $950,000 worth of LTC. The total value of these wallets’ holdings was a little under 18 million as of this date. However, during the course of the following two weeks, their balances exceeded 18.1 million coins.
It’s possible that the price of the altcoin will surpass $100 once more if the LTC halving proceeds as anticipated. This would return the majority of the LTC amassed over the previous two weeks by the dolphin and shark addresses to their profit margins.
18/…Tesla won’t charge an annual membership fee or add a surcharge to the price for non-Teslas. I don’t think they will do that, but it’s possible. Any surcharge will increase revenue/profit further.
This adds to the revenue/profit that Tesla will enjoy from its own fleet. pic.twitter.com/qRTU9ynJuH
— James Cat (@TSLAFanMtl) July 30, 2023
The days showing up to the celebration, meanwhile, haven’t been as upbeat as expected. Despite LTC’s price still being above $90, it has only had single-digit daily gains during this period. Naturally, there should have been some quick increases for the cryptocurrency with less than two days left, but there haven’t been any.
Given the current trend and the fact that the cryptocurrency market has been bad, it appears possible that the price of LTC has already been adjusted to account for the halving.