Why Litecoin Soared Over the Weekend
Litecoin (CRYPTO: LTC) is on the rise. As of 3:19 p.m. ET on Monday, the crypto was up 12.6% from last Friday at 4 p.m. ET.
MEI Pharma announced on Friday that it will initiate a $100 million private placement in order to pursue a Litecoin accumulation strategy. The company also appointed Charlie Lee, the creator of Litecoin, to its board.
Following in the footsteps of companies like Strategy (formerly known as MicroStrategy), Trump Media, and , MEI Pharma will raise money in order to add a large amount of cryptocurrency to its books, betting that it will appreciate significantly over time. However, MEI's choice of Litecoin is unique; it will be the first publicly traded company on a major exchange to do so.
Source Fool.com
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