Defined as “silver” as opposed to Bitcoin’s definition of “gold” in the cryptocurrency world. Litecoingetting ready for the halving event. As LTC miners prepare to support the block reward halving effect, a rather negative detail has emerged in the on-chain data.
According to Ali Martinez, he suggested that Litecoin wallet addresses have increased significantly recently. This indicates a future risk of “dumping” (dumping tokens). However, LTC’s block subsidy is expected to drop from 12.5 LTC to 6.25 LTC per block after the fourth halving event.
According to the data, every time LTC addresses exceeded 350,000 in the last 5 years, a massive price correction has come with it. August 2021 to January 2022 was the last time Litecoin faced this kind of situation.
Ali Martinez underlined that more than 690,000 LTC addresses have been created recently with the excitement of the halving event that will take place in the next 9 days. He stated that the upcoming halving could be a selling event. This could lead to increased selling pressure and contribute to short-term price fluctuations.
Sanitment found that approximately 36,800 wallet addresses each hold at least 100 Litecoins. About 1,185 wallet addresses, each holding more than 100 LTC, were recently included in this table.
Litecoin hasn’t been too bad lately as its price has increased by 5% and 0.29% in the last 60 and 90 days, respectively. However, the LTC price has dropped over 3% in the last 24 hours.
You can follow the current price action here.