Investors have started to fill their bags with Litecoin as LTC prepares for the most important event of 2023. Blockchain analytics company Santiment pointed out the accumulation spree of mid-level holders, who typically hold between 100 and 10,000 Litecoins.
Named dolphins and sharks by Santiment, this group has collected a total of 205.4k LTC since June 14, highlighting bullish expectations for the halving event next week.
The positive sentiment was based on the four-year recurring event that saw miners’ block rewards halve, thus reducing the number of tokens in circulation. Based on demand and supply fundamentals, traders were expecting a significant increase in LTC prices. However, the demand was not limited to the medium level only. LTC’s individual investors have also joined the trend. Wallets between 0-1 tokens have continuously added to their portfolios over the past month.
LTC started to rise almost a month before the glamorous event and reached its annual highs in the first week of July. Since then, prices have dropped somewhat. However, from the beginning of the year, Bitcoin’s (BTC) little brother has increased by 37%. The halving event has also triggered a series of discussions about LTC on social platforms. In the past few days, the coin’s social dominance has risen to around 2.36%. Social dominance measures how much a coin is mentioned in crypto-focused social media groups in a pool of the 50 most popular projects.