Litecoin Whales Accumulate $55 Million in LTC Ahead of Halving Event

Litecoin’s major investors have recently accumulated 590,000 LTC tokens within the past 48 hours, investing nearly $55 million to increase their LTC holdings before the upcoming halving. The countdown timer indicates that the LTC halving is less than 15 days away, marking an event that is widely anticipated and considered bullish for the altcoin.

Large wallet investors in Litecoin have been consistently accumulating the altcoin over the past 48 hours, fueling a bullish sentiment among market participants. The Nicehash countdown timer confirms that the LTC block reward halving is drawing near, reducing the block subsidy from 12.5 LTC to 6.25 LTC per block on August 3. This reduction prompts miners to prepare for the impact.

Data from crypto intelligence tracker Santiment reveals that Litecoin whales have purchased over 590,000 LTC in the past 48 hours, amounting to approximately $54.8 million. As the halving event approaches, large wallet investors seeking profitable opportunities are acquiring tokens, thereby reducing the selling pressure on LTC across cryptocurrency exchange platforms.

At the time of writing, the price of Litecoin stands at $93.14. Over the past month, the altcoin has yielded a significant gain of nearly 21% for holders.