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- Litecoin’s forthcoming halving: 13% of LTC supply has remained inactive for five years, according to an IntoTheBlock report.
- Data from IntoTheBlock indicates that 13% of Litecoin (LTC) supply is dormant ahead of the halving event.
- As the Litecoin halving approaches, IntoTheBlock provides insights on 13% of LTC supply held for five years.
IntoTheBlock, a provider of on-chain data, recently disclosed noteworthy insights regarding Litecoin (LTC), commonly known as “digital silver.” Their analysis reveals that in the lead-up to the impending halving event, a segment of Litecoin wallets has retained around 13% of the circulating LTC supply without any transactions for a duration of five years.
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Experts at IntoTheBlock propose that this phenomenon may reflect either a steadfast belief in the cryptocurrency or the possibility of lost LTC coins.
Did you know that nearly 13% of all @litecoin in circulation hasn't changed hands in over 5 years? To provide context, the average holding period for $LTC is 2.1 years. What are your thoughts: Steadfast confidence or lost coins?
Explore Further:https://t.co/DPNKnok91M pic.twitter.com/7cvYFkG5yl
— IntoTheBlock (@intotheblock) July 4, 2023
Litecoin halving set for August
The LTC halving is slated for August 2nd this year, during which the block reward will decrease from the current 12.5 LTC to 6.25 LTC. A comparable halving event recently took place for the privacy-focused cryptocurrency DASH. Bitcoin is also preparing for a halving event next year in April-May, as established by its developers.
Halvings are designed to uphold deflationary traits in proof-of-work cryptocurrencies by diminishing the number of coins introduced to the market every four years, which may influence pricing. Notably, LTC has experienced a recent uptick in hashrate, and leading up to the forthcoming halving, there has been a marked rise in active LTC wallets. Furthermore, the quantity of LTC addresses holding 0.001 LTC has seen rapid expansion.
