Litecoin whales pour $55 million in LTC accumulation less than 15 days from the halving

Litecoin is inching closer to its highly anticipated halving event. According to the Nicehash countdown timer, LTC’s block reward halving is less than 15 days away. Halving is typically considered a bullish event for the altcoin.

Large wallet investors in Litecoin have been accumulating the altcoin consistently over the past 48 hours, fueling a bullish thesis among market participants. 

Also read: Litecoin holders await bullish trend reversal 20 days before the halving

Litecoin whales accumulate LTC ahead of bullish halving event

Bitcoin halving is nearly a year away, but Litecoin, created by forking BTC, is inching closer to its halving event. According to the Nicehash countdown timer, the LTC block reward will be slashed in half on August 3. 

Litecoin halving countdown

Litecoin miners are bracing for impact, the block subsidy will drop from 12.5 LTC to 6.25 LTC per block. Large wallet investors in the Litecoin ecosystem are piling up the altcoin, accumulating ahead of the halving event.

According to data from crypto intelligence tracker Santiment, Litecoin whales have bought over 590,000 LTC in the past 48 hours, worth around $54.8 million. 

Litecoin whale accumulation

Currently, Litecoin miners bring nearly 7,200 LTC in block rewards daily, equivalent to around $670,000. As the block reward halving nears, large wallet investors seeking an easy trade or profitable opportunity are scooping up tokens and reducing the selling pressure on LTC across cryptocurrency exchange platforms.

Litecoin price is $93.14 at the time of writing. The altcoin has yielded nearly 21% gains for holders over the past month.