Whales start accumulating Litecoin (LTC) ahead of halving
The bulk buyers’ activities surged in the LTC coin market, as the Litecoin network moving toward the next halving this year.
Litecoin is a decentralized Proof-of-work (PoW) consensus-based blockchain network. LTC is a native coin on the Litecoin blockchain. Litecoin is much similar to the Bitcoin blockchain, in terms of technological advancement. In 2011, Litecoin was launched by Charlie Lee. Lee is the managing director of the Litecoin Foundation.
On 24 March, WhaleAlert reported that a wealthy person purchased $11.39 million worth of LTC coins on the Binance Crypto exchange and later transferred it to an unknown wallet.
Also, this whale purchased a big amount of LTC coins last week.
Litecoin halving
Experts noted that whale activity started surging because of the upcoming halving of the Litecoin blockchain network. The next Litecoin halving will take place on 2 Aug 2023. This date is not fixed & may change, as block production time changes under different situations.
After the next fork, the Litecoin mining reward will reduce from 12.5 LTC to 6.25 LTC.
In Aug 2022, a crypto Twitter user shared past LTC price impact during halving events and noted that LTC coin showing a very big opportunity for crypto investors to make a profit.
Few experts noted that the dominance of LTC coins in the crypto market is plunging year by year and probably it may not be good news for the LTC coin market, so here we should not expect LTC prices to pump by more than 500% in the next 1 year and also don’t consider this report as financial advice.
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