Litecoin halving is scheduled to happen on 2nd August 2023, Wednesday, to be more specific, and sharks are coming up to grab the maximum number of LTC tokens. Sharks are basically individuals and institutions that have substantial holdings of LTC tokens, or any token for that matter, in their respective wallets. Market trends are known to change their tides when sharks begin purchasing a particular token.
In this case, Litecoin is projected to experience an increase in its value as the halving event draws closer. It has been pitched as a bullish event. It is only obvious for investors to come together and make the most of the profits. Initially, the LTC price was estimated to go as high as $100, helping most of the investors register a green profit to their names. While the trend continues and the event approaches, the mark is far from being achieved by the community.
In fact, Litecoin is currently trading around $90.60 as we draft this piece of article. This is a downward dance of 1.83% in the last 24 hours. The price of LTC was $113.14 on July 02, 2023, but that’s it. Nothing fruitful has come out since then.
Nevertheless, sharks continue to accumulate the tokens in their wallets. Reportedly, they have managed to gather over 200,000 LTC. Accumulation began in the last month, and hence, the Litecoin price rose. Wallets previously had $9,500 to $950,000. They now weigh just above 18.1 million coins. The increase has come in the last two weeks. Ironically, the price has been going down since then.
Another trend that is coming out ahead of the Litecoin halving event is that investors are purchasing more LTC tokens than they are selling them.
Sharks accumulating the token in their wallet are purely based on the bullish expectations from the halving process. Based on the LTC price prediction, the price of Litecoin may cross the $150 mark soon, but that is at the end of the current year – 2023. It still comes with a condition that the value could be as low as $77.92.
Since the event has been historically bullish, investors are getting on board for accumulation. The goal of Litecoin is to trigger active participation, and for investors, the goal is to capitalize on the bullish expectations. The value can only surpass the required mark if the activities go on as expected. This is in contradiction to the way things have been rolling out in the last couple of days.
The much-awaited LTC halving event pertains to the community lowering the miners’ block rewards by half. Thereby reducing the number of tokens that are in circulation and pushing the price upward. The demand and supply fundamentals quote that the price will only rise from that moment. If volatility is anything to go by, the LTC prices can slip instantly after the event too.
Source: https://www.cryptonewsz.com/sharks-grab-over-200k-ltc-ahead-of-litecoin-halving-2023/