Litecoin Millionaires Soar to 950 During Wal-Mart Price Action

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In Brief
  • There are a total of 950 LTC accounts that hold balances of over one million dollars.

  • This news follows the market manipulation and subsequent correction caused by fake news concerning Walmart.

  • At present, one would require a total of 5465.67 LTC to be considered a USD millionaire.

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According to information released by crypto-data aggregator BitInfoCharts, there are a total of 950 Litecoin addresses right now which hold LTC tokens valued at over USD 1,000,000. This means that at least 950 people have reached ‘millionaire’ status, thanks to their Litecoin crypto holdings, not counting those who have LTC spread across multiple different accounts.

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Out of these 950 accounts, 138 of these hold balances above USD 10 million. As of writing, the value of one LTC is equivalent to $182.96. This means that to be considered a Litecoin millionaire in September 2021, one would need to possess at least 5465.67 LTC. To be a billionaire would require a holding of 5465675.56 LTC or greater.

At present, the “richest” Litecoin address contains a balance of 3.97 million LTC, which is equivalent to USD 724.75 million. This single address accounts for 5.79% of the total circulating supply of LTC, with the top three accounts combined totaling over 10% of the total supply.

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This means that a few people control more than one-tenth of all LTC, giving these account holders a high potential for influence with regards to token price and market manipulation.

Walmart ‘fake news’ correction

This news follows a huge fake news scandal for Litecoin which shook the markets earlier this week. This was the result of a suspect press release that was published on GlobalNewswire containing the factually inaccurate and misleading claim that retail giant Walmart had officially announced a partnership with the Litecoin cryptocurrency.

A now-redacted press release published on GlobeNewswire earlier this week, incorrectly announced a “partnership” between Litecoin and U.S. retail giant Walmart. This release, if fraudulent by nature, represents a significant market manipulation that saw the token rise in value before a correction which saw the token value fall by 20%.

Representatives from Walmart have since debunked this phony claim, causing a correction in the token’s value and total market capitalization. After being published on GlobeNewswire, the story was shared widely as a fact amongst trusted mainstream news outlets, including CNBC and Reuters. This is another case of fake news in journalism, highlighting significant flaws in media practices and the impact they can have.

In the time between this release being published, and when it was debunked, the token saw a temporary value increase of 32%. This was an increase in value from $175 to $231. At a value of $231 for each LTC, this would have meant that one would require 4,329 LTC to be considered a millionaire, meaning that for a short period there would have been 1,038 Litecoin millionaires.

By comparison bitcoin, the largest cryptocurrency in terms of both token value and market capitalization, boasts 100,315 addresses containing over one million dollars.

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