How Litecoin Pumped And Dumped After The Fake Walmart News

By:

Published: Sep 14, 2021, 09:43 UTC

Litecoin's price rose by 30% and reversed the gains yesterday after fake news of a partnership between the Litecoin Foundation and retail giant Walmart.

Litecoin’s price pumped yesterday following fake news of its partnership with Walmart but the coin dumped as soon as people realized it was not real.

Walmart Denies Partnership With The Litecoin Foundation

Yesterday, the cryptocurrency space encountered another adoption news. This time, it was between the Litecoin Foundation and US retail giant Walmart. According to the press release, Walmart had partnered with the Litecoin Foundation to enable cryptocurrency payments via its e-commerce store.

The press release stated that Walmart would start accepting LTC as a means of payment for the goods available on its e-commerce platform. However, the partnership news turned out to be fake, and it was debunked by Walmart.

The leading retailer in the United States issued a press release, stating that the news from GlobeNewswire was fake and Walmart doesn’t have any partnership with the Litecoin Foundation to adopt the Litecoin cryptocurrency.

GlobeNewswire also came out to retract the news, stating that it was false and people shouldn’t regard it. “Please be advised that journalists and other readers should disregard the news release, “Walmart Announces Major Partnership With Litecoin (LTC),” issued September 13, 2021, over GlobeNewswire,” the notice reads.

Litecoin Pumps And Dumps

The announcement of a partnership between the Litecoin Foundation and Walmart saw the LTC coin surge by more than 30% yesterday. LTC’s price rose from $175 to reach $225 within the space of minutes.

LTC/USD chart. Source: FXEMPIRE

The cryptocurrency has underperformed in recent months, losing its place amongst the top ten cryptos by market cap. Litecoin has been replaced in the top ten list by other cryptocurrencies, including Solana, Polkadot, and Dogecoin.

However, with Walmart coming out to deny the news of the partnership, Litecoin’s price reversed back to its previous levels. The pumping and dumping happened within the space of a few hours. At the moment, LTC is up by roughly 4% in the past 24 hours and is now trading at $179 per coin.