• Santiment, a crypto analytics firm, predicts that Litecoin (LTC) whale activity will push its price up in the coming months ahead of its halving.
• On-chain volume is trending up rapidly and there have been 500-600 $1M+ daily transactions on the LTC network.
• The Litecoin halving is expected to take place roughly on August 10th, 2023.
What Is the Litecoin Halving?
The upcoming LTC20 halving is an event where the amount of coins issued to miners is cut in half. This event occurs roughly every four years and is viewed as an opportunity to invest before prices potentially increase due to new scarcity.
Santiment’s Analysis
A leading crypto analytics firm, Santiment, says that Litecoin (LTC) whale activity is likely to drive LTC’s price upwards before the LTC halving. On-chain volume has been trending upwards rapidly and there have been 500-600 $1M+ daily transactions on the LTC network which bodes well for price if it continues. It’s expected that trading volumes may slow down in near term but then pick up again in mid-June as traders begin to anticipate the event.
Price Projections
Whales are anticipated to push up the price above $100 before an opportunity for one final dip prior to the halving event occurring on August 10th, 2023.
Current Price Level
At time of writing, Litecoin is trading for $91.48 each coin.
Conclusion
The upcoming Litecoin halving should create some positive impacts on its price as predicted by Santiment’s analysis of current trends and whale activity around this coin. It would be wise for investors to keep an eye out for any potential changes or anomalies that could occur prior to this major event taking place in July/August 2023.