A leading cryptocurrency analytics company reveals that Litecoin (LTC) whale activity isย veryย likely drive LTCโs price upwards before the LTC halving.
In a new report, Santiment says theย following LTC20 halving, which cuts the amount of newly announced coins to miners in half, is expected to have a positive impact on the price of Litecoin.
Santiment reveals Litecoinโs on-chain volume is trending upwards rapidly, and will bode well for price if it continues.
โIf this tendency of increased on-chain volume continues, it will definitely be a strong sign that some big players are beginning to jump in on their LTC assets in anticipation of the halving. Similarly, the amount of unique addresses interacting on the Litecoin network definitely skyrocketed, suddenly reaching a moreย than one-year high just as itsย value was bottoming out.
This was ofย course a great signal that addresses were stocking up on what couldย be the only โdiscountโ before August 10th. Lastly, doย not beย shocked if whales push up the price over $100 before aย chance is given for one final dip. Halving events are known for creating some pretty shocking anomalies. And it has been interesting to see separate waves of 500-600 $1M+ daily transactions on the LTC network. And then all of a sudden, the amount falls by 95 percent for a week (as shown below).โ
Santiment reveals that trading volumes could slow down in near the term, but then pick up onceย more in mid-June as traders begin to anticipate the event.
Most realistically, asย aย resultย of this, we could see a path where the average trading returns on the short and mid-term time scales cool down for a week or two for Litecoin. And then, as we get within two months of the August event (around mid-June), doย not beย shocked to see an even bigger wave of anticipation for LTC 20.
The Litecoin halving is scheduled to take place approximately on August 10, 2023.
LTC is trading for $91.48 at time of writing.
Generated Image: Midjourney
