Walmart denied the partnership with Litecoin, saying Walmart and Litecoin will not partner.
The news is a result of the news posted on Monday. GlobeNewswire shared a press release saying that Walmart and Litecoin were teaming up.
Following this announcement, the price of Litecoin bounced about 30% in value in response. Notably, from $175 at the time of the fake rumors, the coin jumped to a value of $230.
However, the coin was back at $177 in less than 24-hour when investors realized that it was scam news that hit the crypto world. Still, it doesn't come as a surprise that the crypto community fell for it.
This is because such news in cryptocurrency is big news so, it seemed entirely possible that this could happen. But, Litecoin still seemed a strange choice for Walmart.
LTC’s official Twitter account also posted the news quickly, without checking the claim. Later on, Litecoin withdrew the tweet and apologized for the action.
“Walmart had no knowledge of the press release issued by GlobeNewswire, and it is incorrect. Walmart has no relationship with Litecoin.”
However, Litecoin quickly corrected the situation and released an update confirming that the news was invalid just after Walmart's publication.
Moreover, the crypto community reacted to Litecoin. A Twitter account commented,
"I think you are not a serious project and people and institutions are making fun of you, making fun of you and not taking you seriously. What happened today has seriously shaken your prestige. After that, you may need to find an investor who will take you seriously."
GlobeNewswire removed the news from their website after they discovered it was false news.