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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Only 1,032 Addresses Control Over 60% Of All Litecoin (LTC) In Circulation

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Litecoin Whales

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1,032 addresses control over 51.2 million Litecoin (LTC) in circulation, on-chain data from BitInfoCharts on May 15.

Litecoin Under Siege?

Records from the “Top 100 Litecoin Rich List” show that 7,355,585 LTC in circulation worth $639,814,097 are controlled by 8.78% of all registered addresses. At the same time, 26,526,499 LTC worth over $2.3 billion is managed by 111 addresses, while 17,993,930 LTC exceeding $1.5 billion are held by 918 addresses.

As of May 15, there were 72,924,127 LTC in circulation. So this concentration alone means over 60% of all LTC in circulation are controlled by 1,032 addresses. Furthermore, the network will only dispense 84,000 LTC to miners as block rewards. 

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2 years ago

Litecoin is a proof-of-work network like Bitcoin. It relies on a community of special nodes called miners to validate on-chain transactions and add them to the longest chain. For their participation, the lucky miner is rewarded 12.5 LTC per block every 2.5 minutes.

Litecoin Price On May 15| Source: LTCUSDT On Binance, TradingView
Litecoin Price On May 15| Source: LTCUSDT On Binance, TradingView

Based on the above statistics, what’s notable is that the $2.3 billion of LTC at spot rates owned by 111 addresses represents the biggest concentration compared to any other range by address count.

To illustrate, 794,934 addresses holding between 0.01 and 0.1 LTC cumulatively own 29,508 LTC. With 794,934 addresses in this range, they are the highest number of LTC owners by wallet address count. 

However, considering their total holdings, these addresses are a minority since whales currently hold over 60% of the total circulating supply. Specifically, there are three whales with over 2 million LTC as of writing on May 15.

The largest LTC whale holds 2,504,667 LTC worth over $217 million. This address is active and constantly accumulates. Of note, the largest LTC whales began accumulating within the last five years from 2018. 

According to on-chain data by BitInfoCharts, the last time this address deposited LTC was on May 10, 2023. Meanwhile, the last withdrawal was in early January 2023.

For instance, the second largest LTC whale, with over 2.47 million coins, started depositing coins in mid-June 2022. He withdrew a portion of LTC on February 10, 2023.

Based on the frequency of deposits and withdrawals, it is also highly likely that these addresses don’t belong to centralized crypto exchanges like Binance or Coinbase.

Will LTC Rally Ahead of Halving?

Crypto whales controlling a disproportionately large amount of coins can manipulate prices and influence trends. Still, whether this will change ahead of the Litecoin halving event is yet to be seen. The Litecoin network will slash miner rewards by half to 6.25 LTC in less than three months.

Related Reading

Bitcoin and Crypto Market Decline

Litecoin Price Prediction: LTC Recovery at Clear Risk on Two Factors

1 year ago

Based on historical performances, halving events, even in Litecoin, tend to support price increases. Therefore, ahead of this event estimated to be in early August 2023, LTC prices might recover as the coin becomes scarcer.

LTC prices are up 15% from May 2023 lows, changing hands at $86, according to TradingView data.

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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