“Wen Mimble Wimble” [MWEB] update?” you ask. We will, according to to Charlie Lee, Managing Director of the Litecoin Foundation, the MWEB upgrade is expected to activate on May 19 at 8:30 PM (5/20 3:30 AM UTC).

With the promise To improve the user experience by allowing users to conduct confidential transactions on the Litecoin network, here’s what you need to know about the LTC token’s performance so far.

There goes the Lite

On May 3, the Lite Foundation has a Announcement confirm that the MWEB update was locked for activation. However, the LTC token plunged surprisingly and stood at $71.18 at the time of writing. The LTC token, which reached $101 on May 3, recorded a 30% drop and was 82% off its ATH of $412.96.

Source: CoinMarketCap

Similarly, the market cap for the LTC token took a beating at 29% over the same period. Valued at $7.05 billion as of May 3, when confirmation was made, the drop brought the market cap to $5 billion at the time of writing.

Source: CoinMarketCap

The bulls, which were positioned below the 50-neutral region at the time of publication, attempted to push the RSI into the overbought region on May 4 after the announcement.

Since then, however, the bears have prevailed and forced the RSI in a downward direction. At the time of writing, the RSI was around the 36 region and approaching the oversold position.

Already in oversold position, the MFI was at 22 at the time of going to press. Despite the MWEB being only a few hours away, investors appeared to be dispersing the token.

Source: TradingView

Some highs and then some lows

Data from the chain also suggested that the LTC token was making significant progress in some respects and not making significant traction in others.

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

Source: Santiment

However, a closer look at the chain revealed no all-round impact. After peaking at $1.92 billion in transaction volume on May 12, the number went on a downward trend, losing more than 85% at the time of writing. The transaction volume at the time of writing was 767.93 million.

Source: Santiment

Likewise, the past few days have been marked by very little whale activity. After a peak of 100 transactions for transactions over $1 million on May 15, a decline was noted.

The transaction number was at 13 at the time of going to press. Similarly, the number of transactions for transactions over $100k, which were 124 at the time of writing, showed no significant growth. These kinds of numbers could 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 the token handled.

Source: Santiment





This post Litecoin [LTC]: Several hours until MWEB upgrade; this is what investors need to know

was published first on https://ambcrypto.com/litecoin-ltc-few-hours-till-mweb-upgrade-heres-what-investors-should-know/

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