A few days after Litecoin was in the news for a fake press release, their wallet activity has reportedly outpaced other large-cap cryptocurrencies! This is according to Jay Milla, the director of the Litecoin Foundation, who says that the number of active addresses on the Litecoin network (CRYPTO: LTC) has now surpassed Bitcoin, Cardano, and Dogecoin.
What’s happening with Litecoin?
Jay Miller recently sent out a tweet saying that Litecoin activity has been on a steady rise over the past one year. Based on the infographics he shared, the Litecoin network was slightly above 450k, while the active addresses for Cardano were at 214k, Bitcoin at 101k, and Dogecoin at 60k.
Active addresses are a metric measured based on the number of users and network activity on a blockchain. By using these numbers, analysts can predict the behavior pattern of the crypto market.
All this is happening against the backdrop of the latest scandal to hit the cryptocurrency market. Less than a week ago, Litecoin made the news when a fake press release on GlobeNewswire circulated, claiming that from October 1st, Walmart Inc. e-commerce stores will start accepting Litecoin as a mode of payment.
Litecoin price activity
Currently, the Litecoin price is at $165.78. However, during the peak of the Walmart-Litecoin hoax story last week, the price shot up by over 20% before tumbling back down after Twitter users started questioning the authenticity of the press release.
In addition, through a representative, Walmart told CNBC that the story was untrue and there was no such deal.
Later, Litecoin also issued a statement retracting the tweet sent out confirming the new partnership.
This false news affected the price of the Litecoin digital coin, especially since any form of news updates highly impacts the crypto market.
So, what does this increased activity mean?
From the announcement by the Litecoin Foundation director, it looks like crypto users are gaining an interest in the digital wallet. However, could this be out of curiosity from the recent news?
The market cap is at over $11billion, and it ranks 15th among other cryptocurrencies.
News releases such as the Walmart partnership play a significant role in affecting how crypto markets behave. Apart from manipulating prices, it’s also a ploy to convince investors to put their money on a particular digital coin.
While the company is seeing more activity than the other large-cap cryptocurrencies, could it be just a reaction to the fake press release, or could this impact the future prices?
