Litecoin, the silver equivalent of Bitcoin, often referred to as digital gold, is gearing up for a big event that could boost its price and adoption. LTC's halving, scheduled for August 2, will reduce the reward for mining a block from 12.5 LTC to 6.25 LTC.
The halving is expected by analysts to create a supply shock that will increase the rarity and value of LTC and incentivize more miners to secure the network. According to Santiment, a cryptocurrency analysis platform, the halving has already attracted more interest and curiosity from traders and investors.
Santiment reports that in the past 24 weeks, at least 100 more addresses with 1,185 LTC have been created as more people become aware of the halving. This indicates an increased demand and accumulation of LTC ahead of the event.
Santiment also noted that most market participants expect the halving to be a bullish event for LTC, as has historically been for Bitcoin and other cryptocurrencies that have experienced similar declines in block rewards.
*Not investment advice.