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- Litecoin’s upcoming halving: 13% of $LTC supply held unmoved for five years, IntoTheBlock report reveals.
- IntoTheBlock data shows 13% of Litecoin ($LTC) supply dormant ahead of halving event.
- Litecoin halving approaches: insights from IntoTheBlock on 13% of $LTC supply held for five years.
IntoTheBlock, an on-chain data vendor, recently shared intriguing information about Litecoin ($LTC), often referred to as “digital silver.” According to their findings, leading up to the upcoming halving event, a portion of Litecoin wallets has held approximately 13% of the circulating $LTC supply without any movement for a span of five years.
Analysts at IntoTheBlock suggest that this could be attributed to an unwavering confidence in the cryptocurrency or potentially 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
Litecoin halving to occur in August
The $LTC halving is scheduled for August 2nd this year, where the block reward will be reduced from the current 12.5 $LTC to 6.25 $LTC. A similar halving event recently occurred for the anonymous cryptocurrency DASH. Bitcoin is also anticipating a halving event next year in April-May, as programmed by its creators.
Halvings serve to maintain deflationary characteristics in proof-of-work cryptocurrencies by reducing the number of coins entering the market every four years, which can potentially impact the price. Notably, $LTC has observed a surge in hashrate recently, and preceding the upcoming halving, there has been a significant increase in active $LTC wallets. Additionally, the number of $LTC addresses holding 0.001 $LTC has experienced rapid growth.