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13% of Litecoin (LTC) Supply Unmoved in Years in Positive Twist for Network

Tue, 07/18/2023 - 10:29
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Tomiwabold Olajide
Significant Litecoin (LTC) supply unmoved in years as halving sparks optimism
13% of Litecoin (LTC) Supply Unmoved in Years in Positive Twist for Network
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In what serves as a positive sign for the Litecoin blockchain, a significant chunk of the LTC supply has not moved in years.

According to IntoTheBlock, 13% of the Litecoin (LTC) supply has not been moved in five years, which suggests long-term hodling.

In the latest IntoTheBlock data, the on-chain analytics firm highlights the percentage of supply of proof-of-work cryptocurrencies, including Bitcoin, Dogecoin and Litecoin, which have not moved in years.

In a note alongside the image it posted, IntoTheBlock stated that unmoved coins speak volumes about the long-term vision of crypto investors.

Just like Bitcoin, Litecoin has a fixed supply that is capped at 84 million LTC coins. The current circulating supply of Litecoin is 73,387,727 LTC, or 87.37% of its total supply.

Thirteen percent of LTC's total supply of 84 million has not moved in five years, if calculated, amounts to 10.92 million LTC, which remains significant.

Litecoin network fundamentals grow

Expectations are rising in advance of Litecoin's (LTC) third halving in its history, as is to be anticipated.

According to OKlink, the countdown to the Litecoin halving event, which will reduce mining rewards from 6.25 LTC to 3.125 LTC, is presently 15 days and 6 hours, with an anticipated date of Aug. 2. For this event, 8,807 blocks remain.

Litecoin (LTC) Smashes Historic Milestone Ahead of Halving Event

This is reflected in the current boost for Litecoin network fundamentals. As previously reported, Litecoin processed its 170 millionth transaction, breaking a record for the network's transactions.

Per a new tweet from Litecoin's official Twitter account, the current Litecoin hashrate is 804.70 TH/s at block height 2,510,987 with a difficulty of 27,541,766.25.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.