Litecoin Founder Denies Bankruptcy FUD During LTC Eight B-Day

Litecoin founder has denied the FUD about the bankruptcy of the altcoin just when LTC turned eight years old. The cryptocurrency was launched in October 2011 and has stood the test of time as we are constantly reading about in the Litecoin news.

Lately, there has been a lot of FUD over the crypto asset and most of it is quite unnecessary. The market clearly is not big enough to support even a fraction of the 3,000 coins and tokens that are listed on the online platforms. One of the best ways to find out which ones have the mettle is to look at those who have passed the test of time. The historical data from CoinMarketCap does not even go that back in time when LTC spawned and you can only see the data from 2013. Back then, just seven cryptocurrencies were listed and today only two of them exist in the top 300 including Litecoin and Bitcoin.

The Litecoin founder, Charlie Lee celebrated the achievements that this cryptocurrency made with a birthday tweet for the world’s sixth-largest crypto asset. The network of the asset has been up and running continuously over the past eight years with zero downtime and during that time more than 500,000,000,000 worth of LTC has been transacted. Most of the mudslinging about this crypto asset followed after a tweet when many investors remembered how Lee sold out at the peak when Litecoin topped $350 almost two years ago.

There were also some rumors about bankruptcy following the media FUD storm that targeted the project as we outlined in the crypto news and the Litecoin founder denies the rumors by saying:

‘’It’s not near bankruptcy. Don’t listen to stupid fud and lies. We have enough money to last 2 years.’’

Litecoin failed to hold on to its gains this year but almost every other altcoin had the same problem so FUD is not something to worry about. since the start of the year, LTC gained 88 percent to its current levels despite the massive 60 percent correction from the high of $145. The charts show that most of the altcoins are still moving and are syncing and despite the fact that LTC reached a death cross in August, the downtrend intensified and will hardly recover until bitcoin starts heading north again. LTC has been consolidating around the $55 level over the past 14 days but is still in a steep downtrend since the end of June.