When we talk about Litecoin, we could describe it as the little altcoin that could not. There is an apparent lack of interest in the old project whose code was copied from Bitcoin’s in early 2011. For a currency that was presented as “Bitcoin Lite”, Litecoin has overstayed its time in the cryptomarket. A new report from crypto hedge fund Multicoin Capital, “Debunking Market Narratives: Litecoin Edition” states that, to make a long story short, Litecoin is extremely overvalued.
Señor Charlie Lee, creator of Litecoin, has found himself as the butt of many jokes ever since he unloaded his entire stash of Litecoin citing “conflicts of interest.” But his ethics did not clash with dumping his Litecoin onto his fans, who he constantly reminds to “hodl” the currency, at the absolute peak of the December 2017 mania, cashing out an enormous sum of money. This was the first red flag that was shown earlier this year.
As far as adoption goes, the report also states that while Litecoin is accepted in many businesses, it is only accepted as a part of a “basket” of cryptocurrencies. There is a stark lack of exclusive support from big companies, who see no incentive to support Litecoin in any way. This and the current lack of developer support signal a dead project that it is still valued at about $50 per coin.
But, all of the explanations and expert analysis in the world won’t stop LTC bagholders from saying that Litecoin is the best cryptocurrency ever because reasons. Reason is nonsense for tokenbois, who could be found with happy smiles on their faces and bursting into song at the first ever Litecoin Summit in San Francisco, where they decided to forget all about the sorry state of their project and just focus on taking nice selfies with the Litecoin Logo mascot. A more serious coverage on this summit will come later with all the sorry details of this meeting.
The truth is that Litecoin’s future is not so bright. But sadder still, nobody cares, not even its creator.