Analyzing Charlie Lee's legendary Litecoin price predictions

Charlie Lee was a former Google employee and computer scientist prior to founding Bitcoin's complementary cryptocurrency, Litecoin.

"When I released Litecoin there were a lot of other cryptocurrencies that were pre-mined by founders [that] wanted to be super rich. I preannounced Litecoin on Bitcointalk, so people could mine it from the get go. It was more widely distributed from the start than Bitcoin."

Litecoin is a cryptocurrency that aims to be a medium-of-exchange counterpart to Bitcoin's.

So much so that Litecoin is oftentimes colloquially likened to silver and Bitcoin to gold among crypto-enthusiasts.

5, the coin closed above $11. On May 10th, the day of SegWit's full implementation on the Litecoin network, it closed at $31.96-far above what he was expecting, with the price increasing over four-fold.

Shortly after his tweet predicting Litecoin's bottom at $20, Lee also announced that he sold his entire LTC holdings.

"There will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general. For this reason, in the past days, I have sold/donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin's success. For the first time in 6+ years, I no longer own a single LTC".The "Flappening".

The Flappening is where Litecoin would overtake Bitcoin Cash in the rankings.

Litecoin enthusiasts adopted the terminology by embodying its founder, Charlie Lee, into the term-Lee's online nickname and persona as the 'Chikun.

If his track record tells investors anything, the Litecoin founder's advice "Don't bet against Charlie Lee" seems sound.