Top market whales are massively accumulating Litecoin (LTC) in what is a positive undertone for the protocol in the short term. According to a Santiment insight, Litecoin whales have bought over 590,000 LTC in the last 48 hours, worth around $59 million.
The accumulation is now taking the form of a pattern as whales appear to be pricing in the forthcoming halving event of the Litecoin protocol. The halving is scheduled for sometime in August and is tagged as one of the most significant events in the protocol.
Halving can bring a lot of positivity to Litecoin as block rewards for miners will be slashed by half. This means that the rate of production of the LTC coin will be reduced, a feature that is technically deflationary which, when merged with the growing demand, can have a unique upside for the price.
Litecoin, like most of the altcoins, is charting a bullish run riding on the confluence of positive data surrounding it. At the time of writing, the coin is up by 2.19% to $93.39. At the current level, it is pushing to pare off the losses accrued over the past week.
Confluence of positivity
Litecoin is currently at a point in its existence where there is indeed a confluence of positivity that is contributing to shaping investor sentiment across the board.
Besides the halving event, Litecoin has been gaining ground in its role in payments, with new records and milestones to show for it. With over 170 million transactions processed on the network to date, Litecoin is one of the few protocols that has maintained 100% uptime since its inception.
The emergence of Ordinals Inscriptions on Litecoin is also a positive push showing just how flexible and innovative the protocol is.