Litecoin Goes On A Rally After Bake Bitcoin Lite Rebranding: Report

Litecoin Goes On A Rally After Bake Bitcoin Lite Rebranding: Report

Litecoin goes on a rally after a Bitcoin Lite rebranding emerged on the market by creator Charlie Lee who made a fake announcement on Twitter to mark April Fools day as we can see more in our latest Litecoin news.

Lee announced on Twitter claimed that Litecoin will be rebranded to BitcoinLite as it was intended by Satoshi Nakamoto. Lee posted a new version of the BTC whitepaper outlining the letters LITE and a link to Litecoin’s Foundation website renamed as BitcoinLite Foundation. The homepage read “Just Like Bitcoin” but saying that this site is 4 times “more scalable than bitcoin” with higher transaction fees and a supply of 84 million coins. It also offered a BitcoinLite wallet with the website containing the message:

“After several hard-fought, intense back and forth discussions within the Litecoin community, it was decided that Litecoin will undergo a rejuvenating marketing campaign — Litecoin will be rebranding itself to “BitcoinLite”.”

The reason behind the rebranding was the chance to capture new investors that were confused by different forks of Bitcoin with the investors believe that each of these versions is the “real BTC.” The foundation could gain even more followers that were “previously missing.”The page outlined a fake roadmap that starts with the takeover of the BTC domain and the information regarding this cryptocurrency to BTCLite information. The publication made some real observations about Litecoin and outlined some of the features in what members of the community called a publicity stunt:

“Community donations will be much appreciated to help achieve this task, as Litecoin unfortunately did not have an ICO launch to help pay for everything (…). It’s been a wild ride getting here, but we’re so glad to finally have reached this point (…) April 1st marks the beginning of a fresh, brand-new quarter and so far, we’re starting it off with a kick.”

LTC Rally
LTC on a rally in the 24-hour chart. Source LTCUSDT Tradingview

After the fake announcement, Litecoin goes on a rally and it is one of the top gainers in the past 24-hours after Filecoin that increased 27%, and UNI that increased 6.3%. LTC is now trading at $203 with 14.9% gains in the past week. MimbleWimble was also completed by lead developer David Burkett with the protocol intended to bring more privacy scalability features to the blockchain but the price hasn’t really benefited from the news.