As the upcoming halving event approaches, Litecoin whales have been accumulating the cryptocurrency, with top market whales purchasing over 590K LTC in 48 hours, worth $59 million. This suggests growing confidence in the coin, as well as preparation for a price surge ahead of the halving event scheduled for around August 2, 2023.

Litecoin's price has reacted positively to the accumulation, up 3% in the past 24 hours, and the cryptocurrency has also recorded other positive developments, such as reaching a historic milestone of 170M transactions since its inception and ranking as the number one payment crypto on BitPay.