The Litecoin [LTC] network decided to take a backseat paving the way for the emergence of other cryptocurrencies. However, the devs weren’t sitting still. The network has been working on its very own privacy-centric protocol MimbleWimble [MW]. This project amassed backlash initially as people believed that the MW upgrade would make LTC a privacy coin. However, the creator of LTC, Charlie Lee affirmed that the community would still be able to use the LTC blockchain as it is. Years after staying mum, the network recently started sharing updates about the protocol. Now, Litecoin is just two weeks away from adopting the protocol.
Earlier this week, with 75 percent signaling from the miners, MimbleWimble was locked into the network. Now, as this number is inching closer to 100, Charlie Lee affirmed that MW would be live in the next two weeks.
As mentioned in the above tweet, miners like Pro Hashing had already started signaling. BTC.com will soon follow suit. Now, the network is just 100 blocks away from completely locking in MimbleWimble.
The network started its signaling quest in March. Soon after this, most of the mining pools kickstarted the signaling process.
Litecoin’s expensive nosedive
While the Litecoin network was held up with updates on MimbleWimble, the price of the altcoin was going for a toss.
The entire crypto market was bleeding. From Bitcoin [BTC] to Shiba Inu [SHIB] every coin in the market was painted red. Following the market sentiment, LTC dropped by 8.50 percent during press time. The altcoin had slipped down below $100. The altcoin was trading for $96.30
LTC hasn’t succumbed below this level over the last couple of months. However, the persistence of the current trend could not only push Litecoin but also other assets to their yearly low.
In addition to this, the community speculated that the much-awaited MimbleWimble update could aid in pushing the altcoin in terms of price.