America’s mega retail giant, Walmart may be nursing plans to delve into crypto, according to a recently posted crypto vacancy, but that plan does not include Litecoin (LTC). In an interview with Bloomberg, a Walmart media correspondent debunked rumors of an impending partnership between the retail giant and Litecoin.
Following the fake press release impersonating Walmart’s CEO, Doug McMillon, and Litecoin’s creator, Charlie Lee, which was featured on pseudo-verified Litecoin and Walmart Twitter accounts and reported by Yahoo, and Globe NewsWire, tens of thousands of investors had already flocked to increase their purchase of LTC, sending the 15th most valuable coin to moon levels with a close to 30% gain in value before Walmart’s counter-announcement.
Both Twitter accounts have since been deleted prompting many experts to condemn what they believe is a brief pump and dump heist by some frustrated nefarious LTC investors looking to deceptively cash out on early-bird investors. Another Twitter user was quick to spot a domain mishap as the officially stated Walmart website “WALMART-CORP.COM” impersonating Sam Walton’s 59-year-old retail business was registered barely 30 days ago.
Litecoin’s present predicament is not decrypted in morse code. The embattled altcoin which managed to steal one step forward on the strength of the recent heist has been looking to find its feet among the troubled regulatory waters created by the SEC. Grayscale, has chosen to file in the altcoin as an ETF meaning it is safe to classify LTC as a public trading company subject to the scrutiny of the SEC.
On the part of investors, LTC looks to be struggling to deliver the much-needed dividend. Its share value has had an astronomical thud from over $400 to a paltry $17 with a balance sheet losses of up to one-fifth of invested capital as against other flourishing altcoins like $GBTC and $ETHE which have made gains over 30,000 and 367 times respectively.
This may be the reason for such display of growing frustration shown by the perpetrators of the fake news looking to make gains after long periods of losses.
Many cryptocurrency enthusiasts have reacted to the news, with a handful of them taking it as a lighthearted mistake, and some fixated on the multinational retail corporation making a first move towards Bitcoin, Ethereum, Solana, or Cardano. Popular trader and investor Scott Melker casually responded to the event saying:
“Catching up on the news. To summarize… Walmart allegedly leaked that they would accept Litecoin, it was reported by mainstream media and then shown to be fake, causing the huge spike up and down in price?Never a dull moment. Seems like Walmart would look at BTC first.”
Litecoin currently trades at approximately $179, down $55 from its 24-hour peak value of $233 and $8 above the lowest recorded value over the last 24 hours. Over 90% of its total market supply is in circulation ranking it up with the likes of Bitcoin which is currently nearing the finite end of its total available coins for circulation.