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- 1 Litecoin Halving to take place in three months.
- 2 Peak activity in Litecoin wallets and addresses in the last few days.
- 3 Litecoin’s transaction activity almost matched the Bitcoin chain’s activity a few days ago.
Santiment, an on-chain data aggregator has reminded the community of the Litecoin Halving that will be taking place in August this year. Halving is a program designed in a way after which the proof-of-work miners create only half the number of coins and their rewards also drop to half. With less than 3 months to the big event, the LTC wallet hikes have suddenly spiked and Santiment believes the reason for this is transaction activity.
What are Litecoins and Litecoin Halving?
The cryptocurrency was created in 2011 from a fork in Bitcoin Blockchain. Litecoin was designed to make Bitcoin mining difficult for larger mining firms as it was becoming too centrally controlled and to stop the mining firms from having the upper hand. Although, the coin was unsuccessful in preventing enterprise miners from taking over Lion’s share, the coin has reworked itself to become a minable coin and open itself to a peer-to-peer payment system.
Litecoin Halving is one of the most important and remarkable events for Litecoin holders. Since Litecoin was made from the fork of Bitcoin, the halving is similar and has the same functions.
Some Cryptocurrencies have a limited supply such as XRP but on the other hand, cryptocurrencies like Ethereum, Bitcoin, and Litecoin have a constant and annual inflation and to address this problem the process followed is called Halving. Many analysts believe that Litecoin’s Halving has had a huge impact on its price in the past and it can happen in the future as well.
Record high LTC wallet activity
As the dates of Litecoin Halving are coming closer, the activity on Litecoin’s network has gone higher substantially. Not only the number of transactions but the amount of Litecoin small wallets have also increased. Even after a rise in the number of unique LTC wallets that have been interacting and making transfers, the data from Santiment shows that the sizes of transactions are small in size.
LTC wallet spike reason
According to Santiment, one of the reasons why LTC activity has started to surge is because of LTC rolling out LTC20. The news of the LTC20 rollout created a lot of buzz and heated debate among the Litecoin community. The data of Santiment suggests that users who’re holding up to 0.001 Litecoin have shown growth. The number of active addresses has also shown a surge.
According to the data of IntoTheBlock, another popular on-chain data company, it was revealed that the LTC transactions almost caught up with that of the Bitcoin chain almost three days ago. Ever since the LTC20 has been introduced by Litecoin, it has seen the flow of BRC20 tokens in this network. As of date, only 840 LTC20 have been created.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
