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Litecoin [LTC]: Few hours till MWEB upgrade; here’s what investors should know

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Source: Unsplash


“Wen MimbleWimble [MWEB] update?”, you ask. Well, according to Charlie Lee, Managing Director of the Litecoin Foundation, the MWEB upgrade is estimated to activate on 19 May at 8:30 p.m. (5/20 3:30 a.m. UTC).

With the promise to enhance the user experience by providing users the option to make confidential transactions on the Litecoin network, here is what you should know about the performance of the LTC token so far. 

Off goes the Lite

On 3 May, the Lite Foundation made an announcement confirming that the MWEB update was locked in for activation. However, the LTC token surprisingly plummeted and stood at $71.18 at the time of writing. The LTC token that stood at $101 on 3 May, recorded a 30% decline and was 82% away from its ATH of $412.96.

Source: CoinMarketCap

Similarly, within the same period, the market capitalization for the LTC token took a 29% beating. Standing at $7.05 billion on 3 May when confirmation was made, the decline put the market cap at $5 billion at press time. 

Source: CoinMarketCap

Positioned below the 50 neutral region at the time of press, the bulls attempted to push the RSI into the overbought region on 4 May following the announcement.

However, the bears have since had an upper hand and forced the RSI in a downward direction. At the time of writing, the RSI stood around the 36 region, approaching the oversold position.

Already in the oversold position, the MFI stood at 22 at the time of press. Despite the MWEB being just a few hours away, investors appeared to be distributing the token.

Source: TradingView

Some highs and then some lows

Data from the chain also suggested that the LTC token recorded significant strides in some respects and made no traction worthy of note in others.

The index for the development activity showed that the LTC token made some progress in that regard. Maintaining an upward trend since 3 May, the development activity stood at 1.75 at the time of writing.

Source: Santiment

However, a closer look at the chain did not reveal an all-round impact. After reaching a high of 1.92 billion in transaction volume on 12 May, the number took to a downtrend and shed over 85% by press time. The transaction volume stood at 767.93 million at the time of writing.

Source: Santiment

Similarly, the past few days have been marked with very few whale activities. Following a high of 100 transactions count for transactions over $1 million on 15 May, a decline was spotted.

The transaction number stood at 13 at the time of press. Similarly,  for transactions over $100k, standing at 124 at press time, the transactions count showed no significant growth. This kind of figure might be an indication of a lack of interest from the whales especially when the MWEB update is about 24 hours away. 

Source: Santiment

Importantly, a look at the active addresses on the network showed a spike in the number of unique addresses transacting the token. 

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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