Litecoin At 12: How Has Its 84 Million Supply Been Distributed Over Time?
16 Octobre 2023 - 3:00PM
NEWSBTC
Much has changed since Litecoin launched in 2011 with a maximum
supply of 84 million LTC as a silver to Bitcoin’s gold. The crypto
recently completed its third halving in August, finally reducing
the number of LTC miners receive as a reward for mining a block
from 12.5 LTC to 6.25 LTC. Over the past 12 years, much of
this supply has been distributed to miners as block rewards for
verifying Litecoin transactions. At the time of writing, there are
73.76 million LTC in circulation, with data showing this supply
concentrated among large holders. Estimates from the crypto
analysis platform IntoTheBlock show that over 49% of LTC is held by
accounts with more than 0.1% of the circulating supply.
BitInfoCharts also puts addresses with more than 100,000 LTC having
38.01% of the total supply. Related Reading: By The Numbers:
Bitcoin Hashrate Poised To Complete 100% Growth In 2023 Source:
IntoTheBlock Who Are the Biggest Litecoin Wallet Holders Today?
Litecoin’s 84 million total supply has been distributed over the
past 12 years through mining rewards and market trading. The
biggest wallet addresses include large miners that have accumulated
Litecoin from years of mining and crypto exchanges. Charlie Lee,
its creator, claims to have sold or donated all LTC tokens in his
collection. The honor of the biggest Litecoin wallet address
belongs to “M8T1B”, accounting for 3.34% of the entire supply in
circulation. This wallet holds 2,504,667 LTC worth $158,105,141 at
the current market price. Next is “ltc1qr” holding 2,225,000
LTC worth $140,451,374. Wallet addresses “MQd1f” and “ltc1qn” comes
third and fourth in rankings, holding 1,344,464 LTC and 1,097,050
LTC worth $84,868,217 and $69,250,423 respectively. According to
data from BitInfoCharts, these top four addresses hold 8.18% of the
total coins in circulation. Source: BitInfoCharts Other top-ranking
whales include addresses “ltc1q2” and “MQSs1,” with 927,542 LTC
($58,550,373) and 745,000 LTC ($47,027,540), respectively. Looking
through the data shows these six addresses are the Litecoin
blockchain whales holding more than 1% of the circulating supply.
Metrics from IntoTheBlock put the total concentration of these
whales at 11.88% (8.84 million LTC). Wallets “MB8nnF”, “MFULdM,”
“MESruS,” and “LZEjck” complete the top 10 rankings with 513,259
LTC, 472,674 LTC, 416,688 LTC, and 394,044 LTC, respectively.
What Does Litecoin’s Supply Distribution Mean for the Future? There
seems to be a dull market movement with the whales as sellers
continue to maintain control over the market. As a result, the
inflow to wallets holding at least 0.1% of the circulating supply
has decreased by 91.07% in the past three months. Source:
IntoTheBlock With 87% of LTC already mined, the rate of new supply
will slow down over time. This could support price stability and
sustainability. Litecoin is currently trading at $63.07, and like
all cryptocurrencies, and pseudonymous crypto analyst P_S_trade
predicts Litecoin can push up to $84 very soon. Related
Reading: On-Chain Tracker Notices Major Difference Between Bitcoin
And Ethereum Whales According to historical data compiled by crypto
analyst Tony “The Bull”, Litecoin has always retraced 70% in the
weeks following its past halvings. However, the recently concluded
halving event may present a different narrative. Litecoin is
currently trading in a range since last week and is seeking to
extend its gains of 2.35% over the past 24 hours. LTC price
holding above $62 | Source: LTCUSDT on Tradingview.com
Featured image from Investopedia, chart from Tradingview.com
Litecoin (COIN:LTCUSD)
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Litecoin (COIN:LTCUSD)
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