Litecoin Rises 20% Then Dumps on Fake Walmart News
On September 13, Litecoin, one of the earliest cryptocurrencies supplementing Bitcoin, rose 20 percent on a fake press release by Globe Newswire purportedly announcing the adoption of LTC by Walmart—one of the world's largest eCommerce grocer.
Moments later, the coin crashed from heaven after it emerged that Walmart had not adopted LTC and had neither struck any partnership with the Litecoin Foundation or any of its key partners.
It seemed that the reputation of Globe Newswire was enough to spur FOMO though the press release was fabricated.
The press release has since been pulled down.
All the same, this was enough to trigger a comparison between Litecoin and other Proof-of-Work cryptocurrencies, mainly Bitcoin. Litecoin has a faster settlement time, is equally distributed and secured by a web of global nodes.
However, unlike Bitcoin, Litecoin on-chain fees are negligible. They are preferred by gamers—like the LiteBringer, which uses the Litecoin network—and businesses.
Since transaction fees are on-chain and Litecoin's ecosystem is developed with buttressing systems, including fiat-crypto ramps, Litecoin is popular and has seen adoption across the globe.
Additionally, Litecoin is prepared for the future with the Lightning Network (LN) and has atomic swap connectivity with Bitcoin.
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