Whales Go On A Saving Craze As The Big Day Approaches In This Altcoin!

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Based on Santiment data, Litecoin whales have accumulated 590,000 LTC worth $59 million in the past 48 hours, Ali Martinez, a well-known crypto strategist, said. reported.

Crypto whales are individuals, companies or organizations with large investments that can influence the price movements of coins. This is why whale transactions can cause huge volatility in altcoin markets and is considered an indicator that investors watch carefully. This is why the data presented by Ali Martinez draws attention.

According to the data, this hoarding spree was driven by whales holding between 100,000 and 1 million Litecoins.

Halving Approaching

A significant Litecoin investment by whales indicates that crypto whales have increased trust in altcoins. Also, the number of millionaire addresses holding LTC increased tremendously earlier this month.

This massive accumulation could be an indication that crypto whales are preparing for the halving event of Litcoin. The Litecoin halving is scheduled to take place around August 2, 2023. The upcoming event will be Litecoin’s third halving since its inception.

Other Positive Litecoin Developments

There have also been other developments showing the increasing adoption of Litecoin (LTC), the 12th largest cryptocurrency by market capitalization. Earlier this month, Litecoin hit a historic milestone with 170 million transactions since its inception in October 2011.

Additionally, Litecoin’s official Twitter account also revealed that LTC is the number one payment crypto on BitPay.

You can follow the current price action here.

Source : the crypto basic


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