Litecoin Sharks Buy More Than 200,000 LTC Ahead Of Wednesday’s Halving


Over the last few months, Litecoin has emerged as one of the top trending cryptocurrencies due to its halving event happening in August. As this event drew closer, crypto investors began filling up their LTC bags in preparation for what is expected to be a very bullish event. And now, with less than two days left to go before the halving, sharks have made remarkable moves to position themselves for possible upside.

Litecoin Sharks Load Up Their Bags

A report shared by the on-chain tracking platform Santiment revealed how Litecoin investors are currently looking at the digital asset. The chart showed an impressive accumulation trend from dolphin and shark wallets, which have increased their holdings significantly in the last month.

Santiment’s report shows that these wallets holding between $9,500 and $950,000 worth of LTC have added over 200,00 coins to their balances since June 14. On this date, the total holdings of these wallets were sitting just slightly below 18 million. However, in the next two weeks, their balances grew above 18.1 million coins.

LTC sharks and dolphins buy over 200,000 coins | Source: Santiment

There has also been a semi-constant uptrend among these investors. Although there were dips here and there in their holdings, they remained committed to the accumulation over this last two weeks, each time buying more coins than they sold.

The current accumulation from the dolphin and shark wallets are not isolated and just like the whale acquisitions, they are being driven by the same thing. The Litecoin halving is expected to take place on Wednesday and since this event has been historically bullish, it has triggered active participation from investors looking to capitalize on it.

If the LTC halving plays out as expected, then it is possible that the price of the altcoin will climb above $100 once more. This would put the majority of the LTC accumulated by the dolphin and shark addresses over the last two weeks back in profit territory.

However, the days leading up to the event haven’t been as bullish as expected. Even though LTC’s price is still trading above $90, it has seen only single-digit daily gains over this time. Naturally, with less than two days to go, there should have already been some rapid increases for the cryptocurrency but there has been none.

This current trend suggests that the halving may already be priced into LTC’s price, especially given the fact that the crypto bear market has continued.

At the time of writing, LTC is changing hands at a price of $93.80, down 0.98%, according to data from Coinmarketcap.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com





Source link: https://www.newsbtc.com/analysis/ltc/litecoin-sharks-buy-more-200000-ltc/

Sponsors

spot_img

Latest

Neobank For Immigrants Expands To The U.S.-Mexico Border

When Magnus Larsson came to the U.S. around 20 years ago, he learned just how hard it was for immigrants to open a...

5 Surprising Benefits of Professional Networking

Opinions expressed by Entrepreneur contributors are their own. ...

WhatsApp on multiple phones: How to link your devices

Tired of staring at WhatsApp on your phone screen? There's a fix for that.One of the most popular messaging apps in the world,...

May Horoscope 2023 | Wit & Delight

Following the theme of April, May packs a punch! As we enter the month, we are in Taurus season and under two powerful...