The creator of Litecoin, Charlie Lee, believes that there is a concerted effort in the crypto space to suppress the price of LTC on the part of bearish traders and hedge funds who are trying to devalue the coin.
Lee appeared to be reacting to a report from cryptocurrency hedge fund Multicoin Capital, which had an explosive effect in the crypto community. Among other things, the report said litecoin was "significantly overvalued" and a "relic" from the cryptocurrency's earlier days, and that the coin faces a number of "negative catalysts" without enough bullish factors to offset them. The report argued that the cryptocurrency market is maturing and that assets like litecoin, which it believes do not have compelling use cases, will be excluded from the next bull rally.
Litecoin is also facing serious pressure from cryptocurrency developer Bitmain, which is actively promoting Bitcoin Cash (BCH), a coin that competes with litecoin, as a cryptocurrency for daily payments.
Charlie Lee defended his coin on Twitter, trying to dispel the myths and doubts surrounding litecoin. According to the creator, the coin is under attack precisely because of its enormous potential, which is easy to see for a sane investor.
Lee noted that the Litecoin network remains unique, despite its “age.”
The Litecoin network has been operating without technical failures for seven years and processes transactions worth more than $200 million daily.
In recent months, LTC prices have declined along with the overall market decline. However, the coin, according to its creator, has shown serious resilience against the backdrop of high volatility of other altcoins, suffering relatively limited losses.
The Litecoin project is by no means a dead asset, argues Charlie Lee, since it is well integrated into the cryptosystem. Litecoin is currently supported by nine payment system providers, which allows the coin to be integrated into the system for paying for goods and services. LTC is a listed coin for many exchanges and has fiat pairs that make it easy to buy and sell the asset.
Charlie Lee assured the community that he is not going to abandon his brainchild and is still working on developing and improving technologies for Litecoin.
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