Litecoin’s Powerhouses: Which Wallets Dominate?
Last month, Bitcoin.com News examined the top ten XRP wallets and now it’s time to delve into the top ten Litecoin (LTC) wallets. Litecoin, often referred to as “the silver to bitcoin’s gold,” operates on a proof-of-work blockchain and has been around for 12 years.
LTC Overview
Litecoin recently celebrated its 12th anniversary since its creation by Charlie Lee. The network has undergone its third reward halving, resulting in miners receiving 6.25 LTC per mined block. As of October 15, 2023, Litecoin holds the 15th position in the crypto market with a market cap of approximately $4.55 billion. There are currently around 73,762,420 LTC in circulation, approaching its maximum cap of 84,000,000 LTC.
The Top Ten LTC Wallets
Out of the 7.14 million distinct LTC addresses, the top ten wallets control 12.67% of the total supply. The leading wallet, “M8T1B,” holds an impressive 2,504,667 LTC, accounting for 2.98% of all coins. Following closely behind is “ltc1q” with a grip on 2.65% or 2.22 million tokens. The bronze position is occupied by “MQd1f” with 1.34 million coins or a 1.6% share. Meanwhile, “ltc1q” secures fourth place with 1.09 million LTC or a 1.31% portion.
The fifth to tenth spots are held by “ltc1q29hm7wn047c8vgqeth8d97nn7k5xrtgrek9dzg” (927,542 LTC), “MQSs1” (745,000 LTC), “MB8nn” (513,259 LTC), “MFULd” (472,674 LTC), “MESru” (416,688 LTC), and “LZEjc” (393,258 LTC). Collectively, these wallets control 3.74% of the total supply.
The Distribution of LTC
Looking beyond the top ten wallets, the top 20 wallets hold 16.41% of all LTC, while the top 50 wallets govern 27.14%. The top 100 wallets amass 37.64% of the total supply. Out of the 73.76 million LTC in circulation, these top 100 wallets command around 27 million tokens.
Comparison with Other Cryptocurrencies
When compared to Bitcoin, Litecoin’s top 100 wallets control a smaller percentage of its circulating supply (13.64% for Bitcoin). However, when compared to XRP, Litecoin’s top 100 wallets appear more aligned since XRP’s top holders grasp 33.14%. On the other hand, Solana’s top ten wallets dominate an impressive 32.99% of its total supply.
Currently, there are 458 millionaires within Litecoin’s ranks, with 82 accounts holding $10 million or more. Additionally, there are approximately 2.3 unique addresses that contain just $1 in Litecoin.
Hot Take: The Top Ten Wallets Show Concentration but Also Widespread Adoption
The analysis of Litecoin’s top ten wallets reveals a significant concentration of wealth among a few holders. However, this is not uncommon in the crypto world and can be seen across various cryptocurrencies. Despite this concentration, Litecoin has achieved widespread adoption and remains a popular choice among crypto enthusiasts. With its long history and strong community support, Litecoin continues to establish itself as a prominent player in the digital currency space.
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