Connect with us

Altcoins

Litecoin [LTC]: Charlie Lee explains the reason behind selling coins at all-time high

Priya

Published

on

Litecoin [LTC] creator Charlie Lee explains the reason behind selling coins at all-time high
Source: Unsplash

Charlie Lee, the creator of Litecoin [LTC], spoke about the reason why he sold all his coins during the all-time high, in an interview with Laura Shin for Unchained Podcast. He also reasoned why the sell-off should not matter to the cryptocurrency space.

Towards the end of 2017, Charlie Lee announced that he sold/donated all his coins on Coinbase GDAX, citing conflict of interest. This announcement however, drew a lot of negative criticism as some members in the community stated that the creator no longer believed in the success of the coin.

To this, Lee stated that his influence in the cryptocurrency space increased during the course of 2016-2017 because of his contributions to Litecoin and Bitcoin-Segwit, adding that his followers on Twitter “grew exponentially.” During the same timeframe, Lee realized that his opinions had a significant influence on the price of cryptocurrencies, particularly Litecoin. This, in turn, resulted in some people questioning his motives, querying whether his tweet were meant to pump the coin or for its betterment.

The creator of the altcoin stated,

“[…] people were questioning my motives and [I] also kind of felt conflicted because I don’t want people to you think that I’m doing this for the price or for my own benefit right. My goal for everything is for Litecoin to succeed, is for adoption; price doesn’t matter right adoption [does], price would follow adoption […]”

Lee further stated that he finally decided to sell all his Litecoin holdings as he did not want to be distracted by other people questioning the motives behind his actions concerning the development of Litecoin.

This was followed by Shin pointing out that the announcement of the sale coincided with Litecoin hitting its all-time high, adding that the difference between its price then and now was huge. Shin asked Lee how he felt about the idea that he “sold at the top and left others holding the bag.”

To this, Lee stated that the scenario was not “exactly true” as the price of Litecoin continued to rise even after the sell-off, adding that he sold at around $350, while the coin went on to hit the $400 mark. He also stated that some people blamed him for the market crash, adding that it was “sweet,” but in reality, did not “move the market.”

Lee further added that he did not sell huge amounts of the coin as they were not pre-mined, claiming that they were either mined or bought on an exchange. He went on to state,



“[…] I know plenty of people that had a lot more like coins than I did. So, it’s not that unlike people like Vitalik who has a lot of Ethereum or like creators of other coins or ICOs that just hold on to a lot of their own coins, I didn’t have a lot. So selling coins didn’t really affect the market […]”

More so, the creator stated that this was also the main reason for not making a prior announcement. He stated that if the announcement was made before the sell-off, people would’ve been scared of the amount of coins that would’ve been sold.

[…] by announcing that I already sold; didn’t affect the price, there’s no fear that I’m gonna sell more later. so I think that helped but I think one thing I didn’t kind of account for is people are talking about how now that I don’t have like coin anymore I don’t have skin in the game right […]

Lee remarked that it was “so stupid” of people to state that they no longer believed in him due to the sell-off or to think that he had no “skin in the game,” adding that this was against it being a decentralized currency.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

Tron [TRX] DApps surpass Ethereum, EOS in terms of weekly active and new users

Namrata Shukla

Published

on

Tron [TRX] DApps surpass Ethereum and EOS in terms of Weekly active and new users
Source: Pixabay

Tron [TRX], the eleventh largest coin on CoinMarketCap, has been crossing new milestones recently, with its block height and partnerships. Despite the coin performing rather poorly in a relatively bullish market, its adoption and the popularity of its DApps have made Tron lead the DApps market.

Tron’s popular proponent, Misha Lederman, shared with the community Tron’s recent achievement. Compared to Ethereum [ETH] and EOS, Tron registered a higher number of new users and active users. It noted 60k new users, while Ethereum reported 25K and EOS reported 9k. The active users on Tron’s DApps platform were 172k, followed by EOS with 170k and ETH with 54k.

Lederman in his tweet commented,

“#TRON growing fastest in terms of new users among Top 3 platforms:
New Users:
TRON 60K; #ETH 25K; #EOS 9K
Active Users:
TRON 172K; EOS 170K; ETH 54K”

Source: Twitter

Source: Twitter

He added that BitTorrent Speed’s launch in Q2 would provide Tron and BitTorrent users with BTT as an incentive for seeding, which might lead to a growth in the user base of TRX and BTT.



Source: Twitter

Source: Twitter

According to Tron foundation and BitTorrent CEO Justin Sun, TRX will make its way into the top 10 by the end of June, whereas BTT will be a part of top 30 by Q2. However, Tron’s current market cap is $1.87 billion, whereas Cardano [ADA] on the tenth position reported a market cap of $2.12 billion.

At press time, Tron was valued at $0.0279, with a market cap of $1.87 billion. The 24-hour trading volume of the coin was noted to be $664 million, as it fell by 2.80% in a day. TRX managed to register 12.60% growth over the past seven days. However, it fell by 0.53% in an hour.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending