Over the past few months, Litecoin has emerged as one of the most popular cryptocurrencies due to the halving event that occurred in August. As this event approaches, cryptocurrency investors are starting to fill their LTC bags in preparation for what is expected to be a very bullish event. And now, with the halving less than two days away, the sharks have made a surprising move to prepare for a possible rise.
Litecoin Sharks pack the bags.
A report shared by on-chain tracking platform Santiment reveals how Litecoin investors currently view the digital asset. The chart showed an impressive accumulation trend for Dolphin and Shark wallets, with holdings increasing significantly over the past month.
These wallets, which hold between $9,500 and $950,000 worth of LTC, have added more than 200,000 coins to their balances since June 14, according to a report by Santiment. As of this date, the wallet’s total holdings were just under $18 million. However, over the next two weeks, the balance grew to over 18.1 million coins.
LTC sharks and dolphins buy over 200,000 coins | Source: Santiment
There has also been some sustained upward trend among these investors. Although there have been drops here and there in their holdings, they have remained committed to accumulation, buying more coins than they have sold each time over the past two weeks.
The current accumulation of dolphin and shark purses is not isolated and is being driven by the same thing as the whale acquisition. The Litecoin halving is expected to take place on Wednesday, and the event has historically been strong, sparking active participation from investors looking to capitalize on it.
If the LTC halving goes as expected, there is a chance that altcoin prices will rise above $100 once again. This will return most of the LTC accumulated by dolphin and shark addresses over the past two weeks back into profit territory.
However, the days leading up to the event were not as optimistic as expected. The price of LTC is still trading above $90, but daily gains during this period have only been in the single digits. Naturally, with less than two days left, there should already have been a sharp rise in the cryptocurrency, but there was none.
This current trend suggests that the halving may already be reflected in the price of LTC, especially considering the fact that the cryptocurrency bear market continues.
At the time of writing, LTC is trading at $93.80, down 0.98%, according to data from Coinmarketcap.