What is going on with Ethereum Lite? I thought it was taken over by the community and renamed as ELYTE but Lite price has doubled in one day. That doubling seems shady considering the low trading volume during the last 24 hours.
ELYTE was the brand under which the project was relaunched by community members. The thread for ELYTE is here:
https://bitcointalk.org/index.php?topic=2376458.0As for ELITE, I genuinely think people started buying it because they are getting confused between ELITE and ELYTE. That added some volume to a dead market and boosted the price. This may have then led to a self-fulfilling cycle where more people incorrectly believe ELITE has been revived and try buying the coin and then other people see the price going up so they start buying as well.
But the fact remains that the ELITE dev has pulled a scam and this is a dead project. If anyone has any evidence to the contrary then I am happy to listen but for now I would strongly recommend you AVOID buying ELITE as you may very quickly find yourself without anyone to sell to.
I think the situation has been made worse by the fact that ELYTE has not yet been officially listed on EtherDelta. But you can still trade it.
Go to the thread for ELYTE and click the link for EtherDelta:
https://bitcointalk.org/index.php?topic=2376458.0THAT is the coin which I think most people are trying to trade. The website and whitepaper will be released in the next few days and it will be listed on CMC shortly after that so now is the time to buy ELYTE!