- Litecoin halving is 11 days away, analysts observe renewed enthusiasm among LTC traders.
- In the past six months, 1,185 new addresses have added more than 100 LTC to their holdings.
- LTC halving event is likely to catalyze a massive price rally in the altcoin.
Litecoin is less than two weeks away from its halving event when block reward for mining LTC will be slashed in half. LTC holders have displayed enthusiasm as the Litecoin halving event draws close.
LTC price on Binance is $92.58, the altcoin continues to sustain above the key psychological barrier at $90.
Also read: Alt season likely in Q3 with declining Bitcoin dominance, July emerges as altcoin month
Litecoin price sustains above $90 closer to LTC halving
According to the Litecoin halving countdown tracker on Nicehash.com, LTC is 11 days away from its halving. The halving event marks a key milestone for Litecoin holders for two reasons. First it reduces the circulating supply of the asset, as block reward for mining LTC is slashed in half, therefore decreasing the selling pressure on the asset.
Litecoin halving countdown tracker on Nicehash.com
The second reason is that LTC halving events catalyze a rally in the altcoin’s price. Traders are enthusiastic that the scarcity will be enough to sustain the altcoin’s price above $90.
In the months leading up to the altcoin, 1,185 wallet addresses have joined the Litecoin network, holding upwards of 100 LTC each. These entities are bullish on LTC price rally with the upcoming halving event.
Based on data from Santiment, less than 12 days away from the halving, 36,800 wallets have at least 100 LTC each in their wallets. The rise in wallets holding large volume of LTC token is a sign of accumulation, typical of a bullish thesis for the altcoin.
Litecoin entities scoop up more LTC tokens closer to the halving
The alt season narrative has gathered steam in July 2023, after Blockchaincenter.net tracker identified it as altcoin month. Altcoins, including LTC have consistently outperformed Bitcoin throughout the past thirty days, increasing the likelihood of an alt season in Q3 2023. Find out more about it here.
Mullen Automotive FAQs
Mullen Automotive is a publicly-traded development-stage electric vehicle company based in Brea, California that typically uses outside partnerships to manufacture its vehicles. The company was founded in 2014 and currently sells self-designed electric delivery vehicles. Besides its commercial offerings, Mullen plans to begin manufacturing its Mullen FIVE EV crossover in late 2024 or early 2025. Mullen Automotive went public on the NASDAQ exchange through a reverse merger in late 2021.
David Michery has been the company’s CEO since he founded and incorporated the company in 2014. The existing company came from the merging of CODA Automotive and Mullen Motor Cars through acquisition. Michery is joined by Chief Financial Officer Jonathan New, Chief Commercial Officer John Schwegman and President of the Automotive Division Calin Popa.
Through a partnership with Randy Marion Automotive Group, Mullen distributes its Mullen One delivery van that has an electric range of 110 miles. Through an agreement with a Chinese manufacturer and distributor based in Ireland, the company also distributes the Mullen-GO Commercial Urban Delivery EV in Europe. In July 2023, Mullen will begin commercial production at its facility in Mississippi of its Class 3 EV Cab Chassis long-haul truck for immediate delivery. Through its 60% ownership stake in Bollinger Motors, Mullen will also reap the benefits of that company’s B1 SUV and B2 pickup truck, as well as other commercial vehicles in the future. The Mullen FIVE crossover vehicle is not slated for production until at least late 2024, but it is already taking reservations.
Mullen has been diluting its stock since going public in late 2021. This is because the company as of yet currently has little revenue from operations and no profits. The stock has fallen over 99% since the company’s reverse merger in November 2021, and the rapid dilution is mostly to blame. Taking into account Mullen’s 1-for-25 reverse stock split on May 4, 2023, Mullen had 33,338,727 shares outstanding on September 30, 2022, but 126,281,274 shares on March 31, 2023. The company is allowed to sell up to 200 million shares under current authorization.
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