Litecoin Founder Refutes Bankruptcy FUD, Celebrates LTC Birthday
Cryptocurrencies come and go, some in just a short space of time. The market clearly isn’t big enough yet to support even a fraction of the almost 3,000 coins and tokens listed on Coinmarketcap.com. One good way to find out which ones have the mettle is to look at those that have survived the test of time.
CMC’s historical snapshot tool does not even go back as far as the time LTC was spawned and its earliest day is April 2013. Back then just seven cryptocurrencies were listed and today only two of them still exist in the top 300: BTC and LTC.
Litecoin creator, Charlie Lee, celebrated this achievement with a birthday tweet for the word’s sixth largest crypto asset.
Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that span of time, over $500,000,000,000 worth of LTC have been transacted.
Happy 8th birthday to Litecoin! 🎉
Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that span of time, over $500,000,000,000 worth of LTC have been transacted. 😮
Looking forward to the next 8 years and more! 🚀 pic.twitter.com/ItcDWrdCf1
— Charlie Lee [LTC⚡] (@SatoshiLite) October 13, 2019
Naturally, a lot of crypto tribalism and mudslinging followed that tweet with many investors remembering how Lee sold out at the peak when Litecoin topped $350 almost two years ago.
There were also calls of bankruptcy following a media FUD storm targeting the project. Lee was quick to refute this adding;
It’s not near bankruptcy. Don’t listen to stupid fud and lies. We have enough money to last 2 years.
Granted, Litecoin has failed to hold on to its gains this year, but so has every other altcoin so the FUD is purely superfluous. Since the beginning of the year, LTC has gained 88% to its current levels despite a massive 60% correction from its 2019 high of $145.
The chart mirrors that of most other altcoins which are all still moving in synch with each other. It did suffer the death cross in late August as the downtrend intensified and is unlikely to recover until Bitcoin starts heading north again.
LTC has been consolidating around the $55 level for the past three weeks but has been in a steep downtrend since the end of June having gained very little from the halving event.
The silver to bitcoin’s gold has survived 8 years and outlived many others that have come and gone, it also is likely to be around for a little while longer regardless of what the detractors think.