According to data compiled by crypto-data aggregator BitInfoCharts, there are currently 950 Litecoin addresses holding LTC tokens worth more than USD 1,000,000. This means that at least 950 people have become millionaires as a result of their Litecoin crypto holdings, and this does not include those who have LTC spread across multiple accounts.
This means that a small number of people control more than a tenth of all LTC, giving these account holders a lot of power over token pricing and market manipulation.
Correction on Walmart’s ‘fake news’
This news comes on the heels of a massive Litecoin fake news scandal that rocked the markets earlier this week. This was the result of a shady press release on GlobalNewswire that claimed that Walmart had officially announced a partnership with the Litecoin cryptocurrency, which was factually incorrect and misleading.
138 of the 950 accounts have balances in excess of USD 10 million. One LTC is currently worth $182.96 at the time of writing. This means that in September 2021, you’ll need at least 5465.67 LTC to be considered a Litecoin millionaire. A holding of 5465675.56 LTC or more is required to be a billionaire.
At the time of writing, the “richest” Litecoin address has a balance of 3.97 million LTC, or USD 724.75 million. This single address holds 5.79 percent of the total circulating supply of LTC, with the top three addresses accounting for more than 10% of the total supply.
A now-redacted press release published earlier this week on GlobeNewswire incorrectly announced a “partnership” between Litecoin and Walmart, the world’s largest retailer. If this release is fraudulent in nature, it represents a significant market manipulation that saw the token rise in value before a 20% drop in value due to a correction.
Walmart representatives have since debunked this false claim, causing the token’s value and total market capitalization to fall. The story was widely shared as fact among trusted mainstream news outlets, including CNBC and Reuters, after it was published on GlobeNewswire. This is yet another example of fake news in journalism, highlighting serious flaws in media practices and their potential impact.
The token saw a temporary value increase of 32 percent between the time it was published and when it was debunked. This was a $175 to $231 increase in value. At a price of $231 per LTC, this would have required 4,329 LTC to be considered a millionaire, implying that there would have been 1,038 Litecoin millionaires for a short time.
In comparison, bitcoin, the most valuable cryptocurrency in terms of both token value and market capitalization, has 100,315 addresses with over a million dollars in them.