Litecoin (LTC) shows more signs of a resurgence after a long period of sideways trading. The asset rallied close to $130 after MEI Pharma added the first batch of token to its balance sheet.
Litecoin tokens traded as high as $128.30 before retreating to around $124. One of the oldest coins is now showing signs of a resurgence based on expectations of a general altcoin season. LTC rallied ahead of other assets, remaining in the green while other coins and tokens struggled to recover their bullish direction.
As previously reported by Cryptopolitan, MEI Pharma set out to build a $100M Litecoin treasury. The recent price rally was linked to the first addition of LTC to the company’s balance. Now, MEI Pharma filed a new 8-K form with the US Securities and Exchange Commission, outlining the parameters of its first LTC purchase.
Litecoin trading volumes also recovered to a one-month high, rising above $1.7B. The recent activity once again raised the question of LTC’s future, not as a forgotten asset but as a reliable treasury token.
Litecoin remains one of the most widely transacted coins, with representation on major exchanges and brokerages. LTC has also remained the most popular crypto of choice on BitPay. Despite its long-running history, it failed to break out to a new all-time high. Its exposure as a treasury asset and an eventual ETF asset sparks hopes of rising to a high price range after years of depressed market prices.
MEI Pharma completed its first LTC acquisition
Two weeks after announcing its treasury plans, MEI Pharma completed its first acquisition. The company added 929,548 LTC to its portfolio for an average price of $107.58, below the current market prices.
The market did not appear to be primed for the effect of MEI Pharma, as the company managed to acquire the tokens during a recent period of depressed market prices.
The strategic LTC purchase was developed with the guidance of Litecoin’s creator and MEI board member Charlie Lee, who rejoined the project after stepping aside from leadership roles in 2018. MEI Pharma is also guided by crypto investment company GSR with robust governance and market expertise.
“Litecoin has long embodied sound, scalable, and decentralized money,’ said Lee. ‘By initiating this strategy, MEI is taking a clear, institutional step forward that recognizes Litecoin’s role as both a reserve asset and an integral part of global financial systems.”
Litecoin was launched with no premine, though earlier whales may hold significant wallets. The coin is used on Robinhood, PayPal and Venmo due to its reliability and constant uptime for 13 years.
MEI Pharma to rebrand as a Litecoin supporter
In the coming weeks, MEI Pharma will rebrand to reflect its support for LTC and its identity as a treasury company. Following the announcement, MEI Pharma shares recovered to $5.30, gaining a net 87% over the past six months.
The company aims to expand into Litecoin mining activities, in addition to long-term financial innovation. Litecoin mining remains competitive, but allows for the addition of new companies with a still accessible network. The coin reached 2.6 PH/s, close to its all-time mining peak.
MEI Pharma will retain its pre-clinical trials, testing drug candidates for additional research and true trials.
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