Only 1,032 Addresses Control Over 60% Of All Litecoin (LTC) In Circulation
15 Maggio 2023 - 04:00PM
NEWSBTC
1,032 addresses control over 51.2 million Litecoin (LTC) in
circulation, on-chain data from BitInfoCharts on May 15. Litecoin
Under Siege? Records from the “Top 100 Litecoin Rich
List” show that 7,355,585 LTC in circulation worth
$639,814,097 are controlled by 8.78% of all registered addresses.
At the same time, 26,526,499 LTC worth over $2.3 billion is managed
by 111 addresses, while 17,993,930 LTC exceeding $1.5 billion are
held by 918 addresses. As of May 15, there were 72,924,127 LTC in
circulation. So this concentration alone means over 60% of all LTC
in circulation are controlled by 1,032 addresses. Furthermore, the
network will only dispense 84,000 LTC to miners as block
rewards. Related Reading: Litecoin (LTC) Records Spike In
Active Addresses Following Launch of LTC-20: Santiment Litecoin is
a proof-of-work network like Bitcoin. It relies on a community of
special nodes called miners to validate on-chain transactions and
add them to the longest chain. For their participation, the lucky
miner is rewarded 12.5 LTC per block every 2.5 minutes. Based on
the above statistics, what’s notable is that the $2.3 billion of
LTC at spot rates owned by 111 addresses represents the biggest
concentration compared to any other range by address count. To
illustrate, 794,934 addresses holding between 0.01 and 0.1 LTC
cumulatively own 29,508 LTC. With 794,934 addresses in this range,
they are the highest number of LTC owners by wallet address
count. However, considering their total holdings, these
addresses are a minority since whales currently hold over 60% of
the total circulating supply. Specifically, there are three whales
with over 2 million LTC as of writing on May 15. The largest LTC
whale holds 2,504,667 LTC worth over $217 million. This address is
active and constantly accumulates. Of note, the largest LTC whales
began accumulating within the last five years from 2018.
According to on-chain data by BitInfoCharts, the last time this
address deposited LTC was on May 10, 2023. Meanwhile, the last
withdrawal was in early January 2023. For instance, the second
largest LTC whale, with over 2.47 million
coins, started depositing coins in mid-June 2022. He
withdrew a portion of LTC on February 10, 2023. Based on the
frequency of deposits and withdrawals, it is also highly likely
that these addresses don’t belong to centralized crypto exchanges
like Binance or Coinbase. Will LTC Rally Ahead of Halving? Crypto
whales controlling a disproportionately large amount of coins can
manipulate prices and influence trends. Still, whether this will
change ahead of the Litecoin halving event is yet to be seen. The
Litecoin network will slash miner rewards by half to 6.25 LTC in
less than three months. Related Reading: Litecoin Price Prediction:
LTC Recovery at Clear Risk on Two Factors Based on historical
performances, halving events, even in Litecoin, tend to support
price increases. Therefore, ahead of this event estimated to be in
early August 2023, LTC prices might recover as the coin becomes
scarcer. LTC prices are up 15% from May 2023 lows, changing hands
at $86, according to TradingView data. Feature Image From Canva,
Chart From TradingView
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