Litecoin is experiencing a boom in network fundamentals ahead of its halving event, which is less than 24 hours away.
The mining community's sentiment is measured by two indicators: hashrate and difficulty. Since the start of 2023, the LTC hashrate has been steadily increasing. According to a Litecoin Foundation post, the LTC hashrate is currently 869.9 TH/s, with a difficulty of 25.64 million.
This hashrate increase shows that more miners are joining the LTC community, making the network safer and more reliable.
The forthcoming Litecoin halving, scheduled for Aug. 2, 2023, would reduce block rewards for Litecoin miners from 12.5 LTC to 6.25 LTC. The halving of Litecoin is expected to take place on Aug. 2, 2023, at 6:50 p.m. UTC. There are less than 1,000 blocks left until the event, according to a post by the Litecoin Twitter account.
However, minor timing differences may occur because the halving event is dependent on a certain block height rather than a preset duration.
Every four years, or every 840,000 blocks, the Litecoin halving process cuts mining rewards for transaction validation by 50%. This process will continue until there are no more LTC coins to mine, which is expected to be around the year 2142.
Litecoin holders load up, social engagement jumps
According to a recent tweet by Santiment, key traders owning between $9,500 and $950,000 worth of LTC are rapidly accumulating as Litecoin's highly anticipated halving event approaches. Traders see this as a bullish event, as they do with most coin halvings.
Per Santiment, Litecoin mid-tier holders are stockpiling for the halving event, with dolphin and shark wallets amassing 205,400 Litecoin since June 14.
LunarCrush, a social analytics service, said on July 30 that Litecoin had a significant social engagement surge, reaching 2.16 million social engagements within one hour, indicating the depth of activity surrounding social posts.
According to LunarCrush, Litecoin social engagement is continuing to rise, indicating increasing community activity and participation in social posts.