The Litecoin foundation is doing a lighting sale with 60% off for tickets to the Litecoin (LTC) summit in September. It’s the second sale in the last 5 days. While 60% looks enticing, the community is not impressed with these discount prices. Some are interpreting it as a sign that the numbers are not good, and the foundation could be getting desperate in trying to drive up attendance numbers. Take a look at some of the tweets below.
What is clear is that the Litecoin community is disillusioned by LTC’s price decline that has seen it drop below $60. While it’s not the only crypto that has declined in value, Litecoin (LTC) is special because the community feels like the founder sold at a high, and left them holding bags. This is compounded by the fact that Litecoin’s GitHub repository has not been updated since April. Those of other cryptos like those of Bitcoin, Ethereum and many others have seen numerous updates.
However, even with all these issues, Litecoin still remains a pretty solid project. It has lots of great things happening, and its adoption is still among the best. With developments like Litecoin SMS, Litecoin will without a doubt gain widespread usage, even by people who don’t have access to smartphones. Litecoin (LTC) could also be headed into Gemini, since Gemini will presenting at the Litecoin summit, and this could give it a short-term boost in value.
In the long-run, Litecoin (LTC) will need a more focused involvement of Charlie Lee with the project. While it is a decentralized coin and doesn’t need any figureheads, reality is something quite different. The moment Charlie announced that he was selling, lots of people began to question the project. On top of that, he has been telling people to buy Bitcoin before Litecoin. Naturally, this has put a cloud over the value of Litecoin, especially in this bear market. It created the impression that he didn’t believe in his project enough to believe that it can maintain a competitive edge in a market dominated by bitcoin. That’s not something investors want. It’s the same thing in all markets. No one would invest in a company if its founder didn’t believe in it 100%.
As such, there is a real need for Charles Lee to be more proactive in talking up the value of Litecoin. Unlike in 2017 when it was the more dominant alternative to bitcoin for its faster speeds, many other alternatives have come up now. But people still believe in Litecoin, and if he were to be more aggressive with it, the tide would turn faster in its favor. As a matter of fact, if he were to announce that he was buying back Litecoin (LTC) today, it would have a far bigger impact on its price than any summits. It would show that he truly believe in the project, and would do anything for the project to succeed.