Litecoin has been steadily losing its value. But can Toshi’s decision to take it onboard finally lead to its price surge?
Litecoin, currently the sixth biggest cryptocurrency on the market, has lost close to 50% of its value over the last 6 months. In December 2017 it traded at $255.42, today its value has dwindled to $131.26 while its market cap is $7,427,485,910.
However, a recent tweet by Charlie Lee, Litecoin’s creator, has created tenuous hope regarding LTC’s future:
Coinbase’s Toshi app is pretty cool, but I always thought it was missing something… Litecoin! ? They plan on adding LTC to @toshi soon. ?https://t.co/UQi96fF0au
— Charlie Lee [LTC] (@SatoshiLite) May 18, 2018
Toshi, which has been described by Cryptorecorder as “an amalgamation of various features and the key ones during the initial preview included, a private and secure, messaging app, a user-controlled Ethereum wallet and a browser for Ethereum apps”, is said to be a simple and powerful wallet. The app is steadily growing and in February announced that it “now supports ERC20 tokens and ERC721 collectibles.”
Recently it has also added that “one of the most-requested features, however, is support for other popular cryptocurrencies,” and thus it is “working on adding support for other cryptocurrencies available on Coinbase — Bitcoin, Bitcoin Cash, and Litecoin — to Toshi!”
The official release date is yet to be confirmed.
The news of Toshi working on adding Litecoin has received mixed reviews with an LTC trader Asad Ahmed tweeting: “All this great news but prices down. Okay, time to get more LTC.”
At the same time, CryptoGuru stated: “More and more people including Charlie must show actual use of Litecoin in daily use.”
Answering the question whether it is sound to buy more Litecoins now, CryptoGazette noted that it is worth remembering that just a year ago it traded at $25 and hence its price has since surged considerably.
CryptoGazette also added: “Litecoin would soon support free transfers via Abra, boasts Blocknet compatibility, and is now listed Gemini (opens for trade on May 22). Great news that should be more emphasized on rather than the dropping value of the coin — in fact, it’s an opportunity to buy cheap.”