Much has changed since the launch of Litecoin in 2011
Litecoin, often referred to as the silver to Bitcoin’s gold, has undergone significant changes since its launch in 2011. One of the recent changes was its third halving in August, which reduced the reward for mining a block from 12.5 LTC to 6.25 LTC.
The distribution of Litecoin supply
Over the past 12 years, a significant portion of Litecoin’s supply has been distributed to miners as block rewards. Currently, there are 73.76 million LTC in circulation, with data indicating that a large portion is held by a few major holders.
Estimates from IntoTheBlock show that accounts with more than 0.1% of the circulating supply hold over 49% of LTC. Additionally, addresses with more than 100,000 LTC hold around 38% of the total supply, according to BitInfoCharts.
Who are the biggest Litecoin wallet holders?
The largest Litecoin wallet address belongs to “M8T1B,” holding 3.34% of the entire supply in circulation. This wallet contains 2,504,667 LTC worth over $158 million at current market prices.
Other top-ranking wallets include “ltc1qr,” “MQd1f,” and “ltc1qn,” which hold significant amounts of LTC as well. In total, these top four addresses hold around 8.18% of the circulating coins.
What does this supply distribution mean for the future?
The concentration of LTC among these major holders could have implications for market dynamics. Recent data shows a decrease in inflow to wallets holding at least 0.1% of the circulating supply.
With 87% of LTC already mined, the rate of new supply will slow down over time. This could potentially contribute to price stability and sustainability in the future.
Hot Take: Litecoin’s potential and recent halving
Litecoin is currently trading at $63.07, and there are predictions that its price could reach $84 soon. Historical data suggests that Litecoin has experienced a retracement of around 70% in the weeks following past halvings. However, the most recent halving event may present a different narrative.
Despite recent market movements, Litecoin is seeking to extend its gains and maintain its positive momentum.
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