A leading cryptocurrency analytics company reveals that Litecoin (LTC) whale activity is very likely drive LTC’s price upwards before the LTC halving.
In a new report, Santiment says the 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 Litecoin’s on-chain volume is trending upwards rapidly, and will bode well for price if it continues.
“If 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 more than one-year high just as its value was bottoming out.
This was of course a great signal that addresses were stocking up on what could be the only ‘discount’ before August 10th. Lastly, do not be shocked if whales push up the price over $100 before a 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).”