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On-chain holders disregard price fall, while 338k Litecoin users face fake newsSeptember 17, 2021
- Cryptocurrency prices dropped rapidly on 7 September due to cascading long liquidations in crypto derivatives. Some holders panicked, with a spike in exchange inflows that day, but the market rapidly returned to normal and prices started to recover. Large on-chain holders continued to hold and price floors have been rising since July, suggesting fundamentals are steady.
- The Litecoin price spiked 30% then closed near its open price on 13 September on a fake announcement of a Walmart partnership. Despite this fake news, it is unclear whether a large amount of Litecoin was intentionally moved to exchanges prior to the event.
- Litecoin is a venerable and widely used cryptocurrency, with 338k active weekly users, higher than Doge, USDC, and even – recently – more users than Tether (USDT) on bitcoin and Ethereum. However, despite this large user base, its use is still primarily speculation, with 80% of the supply held by investors.