Whales with 10,000 and more LTC increased by 6%.
The LTC price rose 1.75% as whale accumulation continued.
With the Litecoin [LTC] halving less than a month away, the token is buzzing with increased activity as the countdown ticks on. Whales in particular have shown a noticeable wave of interest.
Read Litecoins [LTC] Price Forecast 2023-24
Litecoin whales start accumulating
Litecoin’s impending halving has sparked a new spark of curiosity in the project, as evidenced by insights gathered by Sanitation. However, this renewed interest appears to be whale-driven, signifying the arrival of major players in the field.
According to Santiment data, an additional 32 addresses with 10,000 or more LTC have been added in the past five months.
This increase led to a remarkable 6% increase in the number of major shareholders. It brought the number of such holders to approximately 579 at the time of this composition.
Litecoin in social field
According to the Litecoin Block Half countdown, the halving event was about 27 days away at the time of writing. With each passing day, the community’s anticipation seemed to have grown.
An investigation into Litecoin’s social dominance shed light on its following within the crypto world.
Santiment’s measure of social dominance revealed that LTC held a modest 1% share of ongoing discussions within the crypto community at the time of writing. While this figure may seem relatively low, it could rise as the half-date approaches, attracting more attention and engagement.
Conversely, an analysis of social volume indicated a drop in activity. The social volume per press time was about 24, suggesting fewer searches or questions related to LTC at the time of writing.
LTC price development
When examining Litecoin’s daily time frame, a noticeable reversal in the trend was observed when compared to closing trades on June 5. At the time of writing, LTC was trading at around USD 104, a positive gain of over 1.7%.
This recent move followed a period of a downward trajectory that followed a substantial price increase of 30%.
How much are 1,10,100 LTCs worth today?
In addition, the Relative Strength Index (RSI) surpassed 60, indicating a robust bullish trend. In addition, the RSI line showed indications of a possible upward continuation in line with the latest price increase.
Given the increased accumulation by whales, there is a possibility that LTC could witness further price increases leading up to the halving event.
This post Litecoin: Upcoming halving sparks whale interest
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