IntoTheBlock on-chain data vendor has tweeted curious data about the "digital silver," Litecoin (LTC). It turns out that in the run-up to the upcoming halvening, some Litecoin wallets have been holding 13% of the circulating LTC supply unmoved for five years.
IntoTheBlock analysts believe that the reasons for this could be "unwavering confidence," or they could be lost LTC coins.
Did you know that almost 13% of all @litecoin in circulation hasn't moved in over 5 years? To put that into perspective, the average holding time of $LTC is 2.1 years. What do you think: Unwavering confidence or lost coins?
— IntoTheBlock (@intotheblock) July 4, 2023
Dive Deeper:📖https://t.co/DPNKnok91M pic.twitter.com/7cvYFkG5yl
The LTC halving will take place on Aug. 2 this year; with a block reward to be cut down by half, it will constitute 6.25 LTC instead of the 12.5 it stands at now.
Ten days ago, as reported by U.Today, the anonymous cryptocurrency DASH also completed a halving. The same important event for Bitcoin is coming next year in April-May. Halvings occur for proof-of-work cryptocurrencies every four years, programmed by their creators. They allow keeping coins deflationary as the number of them that hits the market shrinks every four years, and the price may potentially go up on this.
Recently, LTC also witnessed a spike in hashrate. In May, also ahead of the upcoming halving, Litecoin saw a massive increase in active LTC wallets. Besides, LTC addresses that hold 0.001 LTC began quickly growing in number.
Vladislav Sopov