Just after Litecoin turned eight over the weekend, the project’s founder, Charlie Lee put the community’s worries to rest in regards to bankruptcy concerns.
When our birthday comes around every year, we tend to celebrate it with friends and family but for Litecoin, Lee decided his present to the community was solidarity.
The markets are experiencing a downtrend over recent weeks, Litecoin has been hit hard. The cryptocurrency, often referred to as silver bitcoin, is down by close to 60 per cent from its June high of around $145. At the time of writing, the sixth biggest currency in the space is priced at $55 following a 0.93 per cent loss over the past 24 hours.
The now eight-year-old digital asset was gifted with the following post on Twitter recently from the creator of the project who said:
“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!”
It has been an exciting eight years for Litecoin with plenty of ups and plenty of downs. With a high of $360, the cryptocurrency amassed a comfortable multi-billion dollar market cap and established itself as one of the biggest digital currencies in the world.
Following Lee’s above tweet to the community, a lot of backlashes was accumulated from several users who criticised the creator and the project citing claims of bankruptcy as week as mentioning the fact that he sold off his Litecoin when it peaked back in December of 2017.
In response to these claims, Lee reiterated on Twitter:
“It’s not near bankruptcy. Don’t listen to the stupid fud and lies. We have enough money to last 2 years.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!