LTC Price Might Soon Takeoff With Litecoin’s Upcoming MimbleWimble Update

May 9, 2022 10:47 pm

The MimbleWimble update is the biggest update that the Litecoin network has seen for the past couple of years and will provide major upgrades that will allow the network to scale.

In order for the update to go through, it has to be approved by a majority of the nodes on the Litecoin network in order for it to finally take effect.

According to recent reports, it has been revealed that the update has indeed been approved which means that the update is locked in for activation.

As for next steps, it will take a period of 2 weeks in order for it to fully take effect which means that May 19th will be the big day for the Litecoin network.

Investors believe that this will be incredibly bullish for the price of LTC in the long term once the effects of the upgrade are observed in the real world.

NewsBTC.com reports:

Burkett confirmed that users with the updated version (0.21.2) of the software will be able to start transacting with MWEB capabilities. This version is set to be released today after multiple years of development.

Burkett said:
Anyone interested in using the MWEB, and especially those who installed one of the earlier release candidates, should upgrade to the official v0.21.2 before MWEB activates.

If you wait until after MWEB activation to upgrade, you’ll unfortunately be required to resync the blockchain from scratch.

The most highly anticipated upgrade since its inception, MimbleWimble will provide Litecoin users with better performance and privacy capabilities.

This could create more demand for the underlying cryptocurrency as it currently trades in tandem with larger cryptocurrencies.

So far, developers on this project have stated that there haven’t been any major issues yet detected when it comes to MWEB.

The wallet updates have been thoroughly tested as well and all the minor issues that were found during testing have already been resolved.

Despite the upcoming positive changes coming to the network, the price of LTC has maintained a largely bearish trend for a while in correlation with the broader crypto markets.

LTC specifically has experienced a 22% loss over the past month and there has been no visible market reaction yet to the upcoming MimbleWimble release.

NewsBTC concludes:

Despite it being one of the most anticipated updates, LTC’s price seems to be following Bitcoin and larger cryptocurrencies in the short term. Data from material indicators point to two important facts for the future of LTC.

First, as seen below, retail and small investors (yellow and green in the chart) have been buying into the recent price action which supports the thesis that MWEB is an expected update.

Probably, these investors expect appreciation in the long run as MimbleWimble could open the door to new use cases for Litecoin.

Other investors classes have been selling into the price action until very recently. Investors (in purple above) with asks orders of over $100,000 seem skeptical about LTC’s price and have been dumping since April.

At this time, it is likely too early for the market to react and long-term investors already likely understand the value is often recognized much later in the game.

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