Litecoin has captured the attention of investors after MEI Pharma's announcement regarding a $100 million treasury allocation for the cryptocurrency.
MEI Pharma Creates Litecoin Reserve
MEI Pharma, a publicly listed pharmaceutical company, announced the creation of a $100 million Litecoin treasury. This was disclosed on July 18, with backing from Titan Partners Group and crypto investment firm GSR. According to the announcement, the treasury has already received over $100 million in commitments. The Litecoin Foundation, a nonprofit organization supporting LTC, also joined the initiative, marking the first time Litecoin has been used in a corporate treasury of this scale.
Charlie Lee Joins the Board
As part of the new strategy, MEI Pharma appointed Litecoin creator Charlie Lee to its Board of Directors. Lee has been involved in the development of Litecoin since its launch in 2011. His new role suggests a more hands-on approach to how Litecoin could operate within a company's financial structure. "Litecoin has been active for over a decade, offering low-cost and accessible transactions to users worldwide," Lee noted.
Litecoin Price Analysis and Market Outlook
At the time of writing, the price of Litecoin was around $101, down nearly 6% for the day. It held above key support levels, including the 50-day, 100-day, and 200-day exponential moving averages, which were all between $90 and $92. Analysts noted a potential golden cross between the 50-day and 100-day EMAs, which could signal further upward movement. However, the Relative Strength Index was pegged at 74, indicating overbought conditions and suggesting caution, with a chance of a pullback toward $90 if profit-taking begins.
The introduction of Litecoin into MEI Pharma's corporate finances highlights the growing institutional interest in cryptocurrencies, which could further enhance Litecoin's market position.
