- Dolphins and sharks have collected a total of 205.4k LTC
since June 14th, emphasizing bullish expectations for the upcoming halving event.
- Positive sentiments were based on the four-year recurring event that saw miners’ block rewards halved and thus a decrease in the circulating token supply.
- Individual investors in LTC also joined the trend. Wallets holding between 0-1 tokens consistently added to their portfolios last month.
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There is very little time left for the highly anticipated Halving event in Litecoin; Investors continue to accumulate LTC!
Litecoin Investors Getting Ready for the Big Event
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As investors prepare for the most important event of 2023 in the altcoin world, they have started filling their bags with Litecoin. Blockchain analytics company Santiment highlighted the accumulation frenzy among mid-tier holders, who typically hold between 100 and 10,000 Litecoins.
This group, referred to as dolphins and sharks by Santiment, has collected a total of 205.4k LTC since June 14th, emphasizing bullish expectations for the upcoming halving event.
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Positive sentiments were based on the four-year recurring event that saw miners’ block rewards halved and thus a decrease in the circulating token supply. Based on demand and supply fundamentals, traders were expecting a significant increase in LTC prices.
However, the demand was not limited to mid-tier holders alone. Individual investors in LTC also joined the trend. Wallets holding between 0-1 tokens consistently added to their portfolios last month.
Social Activity Increasing
LTC started rising almost a month before the dazzling event and reached yearly highs in the first week of July. Since then, prices have shown some decline. However, Litecoin, the little brother of Bitcoin (BTC), has increased by 37% since the beginning of the year.
The halving event also triggered a series of discussions about LTC on social platforms. In the past few days, the coin’s social dominance has increased to approximately 2.36%. Social dominance measures how much a coin is mentioned in crypto-focused social media groups within the pool of the top 50 most popular projects.
Litecoin in the Derivatives Market
Speculative interest in LTC increased in July, accompanied by a sharp increase in Open Interest (OI). At the time of writing, the locked value in LTC futures was $550 million, representing an 83% increase compared to a month ago.
Most of these positions are working for price gains, highlighting positive funding rates on most exchanges. Funding rates refer to periodic payments made to short or long positions in the crypto futures market. When they are positive, it reflects the dominance of long positions.