Regardless of the current fake news involving Walmart partnering with Litecoin (LTC), the digital asset has nonetheless managed to have revamped 950 millionaires, according to data on bitinfocharts.com.
Over 816 Litecoin addresses, specifically, have greater than $1 million value of LTC in their wallets, with 136 addresses possessing more than $10 million in the cryptocurrency.
Curiously, the highest three most affluent Litecoin addresses control more than 10% of the coins, with the main two addresses alone possessing more than $1 billion in total.
Fake Walmart news
On Monday, 13 September 2021, A false news release put out by GlobeNewswire a couple of collaboration with Walmart caused the cryptocurrency to plummet 20% in 36 minutes.
Walmart quickly verified the data as fake not before Litecoin had spiked as much as $231 from $175 before falling 20%.
Following the dissemination of the story, Globe Newswire swiftly issued a disclaimer instructing readers to ignore the information launch.
Now it appears that the so-called ‘Walmart-Litecoin Troll’ would possibly face critical legal charges if caught. If convicted of federal securities fraud costs, the utmost penalty is 5 years in federal jail and a wonderful of as much as $5 million per violation.
Related: Walmart seeks crypto product result in drive digital currency technique
What is Litecoin?
For years, financial experts have touted Bitcoin (BTC) because the gold standard of the cryptocurrency world, whereas Litecoin has been dubbed the silver standard.
The transaction speeds of Litecoin are renowned for being lightning fast in comparison with Bitcoin’s seven transactions per second; the community can deal with as much as 56 transactions per second.
Moreover, transaction costs are sometimes a few cents as a substitute of some dollars in the Bitcoins case, which may enhance dramatically throughout peak network demand amid bouts of hypothesis.
Moreover, the time it takes to confirm the existence of a new batch of tokens can also be quicker, requiring 2 1/2 minutes for Litecoin and 10 minutes for Bitcoin. Lastly, every Litecoin transaction uses only 3% of the energy needed to complete a single Bitcoin transaction.
Litecoin and AMC
Cinema chain AMC said that it will start taking Litecoin, Ethereum (ETH), and Bitcoin Cash (BCH9for online ticket sales and concession funds earlier than the top of the year. Simply over a month in the past, AMC introduced that it will start accepting Bitcoin as a payment methodology.
CEO Adam Aron introduced the new policy via a tweet on Wednesday evening:
“I can affirm in the present day that once we achieve this, we additionally anticipate that we equally will accept Ethereum, Litecoin and Bitcoin Cash.”
AMC’s acceptance of cryptocurrency is also a part of a rising trend in the US, the place important retail businesses have enabled support for cryptocurrency payments.
Related: Bitcoin, Ether, Litecoin and Bitcoin Cash will be accepted by AMC by the end of the year
Litecoin is currently trading at $181.28, down 4.4% within the last 24 hours and up 3.04% in the previous seven days, with a market cap of $12.1 billion.