Kibosh? Not So Much
You might think that someone with the unimpeachable bona fides of Litecoin's original creator tweeting "Litecoin Cash is a scam" would be enough to put the kibosh on investors' enthusiasm for the newly forked LCC - and, as usual, in the through-the-looking-glass, twilight zone, cattywampus crypto-world, you'd be wrong.
Investors literally shrugged off Charlie Lee’s vehement opposition - not only did the litecoin surge continue without missing a beat, but litecoin cash more than 7x'd in its first 48 hours of trading.
Tweeting Right Back
The planned Feb. 18th Litecoin cash hard fork was announced on Feb. 3rd and it took Charlie Lee less than a day to respond. It seemed for a while that the vehement opposition of none other than LItecoin's original creator would be sufficient to put the kibosh on investor support for the project. But crypto-investors don't necessarily act rationally or do what you'd expect. In the meantime, there were a few other developments.
Love In The Air
On Feb 6th, a Senate Subcommittee held a 2-hour hearing on cryptocurrency with the chairmen of the CFTC and the SEC - and there was an undeniable and unusual feeling of love in the air. Gone were the days when regulators and politicians relegated crypto to the shadowy corners of the dark web. There was general agreement that cryptocurrency is now a thing - it's part of our economy, and it's not going away.
Eternal Winter of Crypto-Carnage
Lo and behold, after the eternal winter of crypto-carnage (ok, so it was only 6 weeks) of 50-70% losses across the board, the cryptocurrency markets started to rally from their Feb. 6th lows.
"Like Bitpay for Litecoin"
Just a week into that rally, on Feb. 13th, the company Litepay announced the Feb. 26th rollout of its global payment system for merchants, a Litecoin solution analogous to Bitpay.
According to the company's website, Litepay will allow merchants to accept payments in litecoin instantaneously from anyone in the world and will receive settlement from litecoin payments "directly to your bank account in your own currency with zero price volatility or risk."
Cashing In Big-Time
At that point, cryptocurrency markets across the board had already been on the upswing for about a week, and Litecoin rocketed ahead of the pack, racking up a 50% increase over the next 36 hours.
Although some remained skeptical of the upcoming hard fork, Litecoin's price continued to trend upward, ahead of the overall market, as investors seemed to be accumulating the token to cash in on the promise of a ten-to-one airdrop of Litecoin Cash tokens.
And cash in they did - big time. LCC forked on Sunday Feb. 18th at block 1,371,111 and was initially trading at $1.44 - in less than 48 hours it traded as high as $9.61, with 24-hour volume of more than $12 million.
Litecoin (LTC) for its part, has continued to lead the crypto-recovery, with a 7-day gain of 53.7%, second only to VeChain. And it continues to trend upward ahead of its competitors, notching a whopping 126% gain since its Feb. 6th low.
It looks like Charlie Lee's vehement opposition to the fork were no match for the overall exuberance of the markets, the promise of a global litecoin payment system with instant guaranteed settlement in the merchant's fiat currency of choice, all combined with a 10-to-1 hard-fork airdrop. For now, Litecoin continues to lead the crypto rally by a sizable margin.