Altcoins have been weakening relative to Bitcoin all summer, with altcoin dominance falling from 50% in April to a low of 29% earlier this month – and today, sits at 32%. However, the MimbleWimble coins Grin and Beam have been amongst the year’s top altcoin performers, both absolutely and relative to Bitcoin – until this week, when they were “thrown out with the bathwater” amidst the current crypto plunge.
Investor sentiment has dramatically weakened as a result of Bitcoin’s descending triangle breaking downward – be it due to a weak Bakkt opening, Google’s “quantum supremacy” announcement (my belief), or otherwise. However, the wholesale selling of ALL coins depicts a level of undifferentiated selling demonstrates panic conditions that ultimately, create incredible market values.
In my view, MOST altcoins have far more to decline – as the crypto community wises up to the fact that MOST have no use case, and never will. This process started in earnest this summer, and perhaps the current decline will accelerate it.
However, SOME coins have vital use case propositions – that will propel them to significant market share gains relative to the altcoin universe over time. And while I believe Grin and Beam are over the long-term, uninvestable due to financial and governance issues, they are still incredibly undervalued given the power of the MimbleWimble technology they are developing.
MWC was created to be the BEST MimbleWimble coin, with equally potent technological capability but superior financial and governance traits – with MainNet scheduled to launch November 11th; and airdrop claims, conservatively, a month later.
By the time it starts trading, hopefully the sector will have recovered from this week’s FUD to trade at significantly higher levels. And when it does, I not only expect MWC’s launch to be highly successful, but the entire MimbleWimbleTrinity to have recaptured its altcoin industry leadership position.
The MWC airdrop registration ended July 19th, with MainNet launch tentatively scheduled for November 11th, 2019, and claims on December 11th, 2019. A total of 148,474 Bitcoin registered – roughly 1% of the entire BTC float - yielding an MWC/BTC ratio of roughly 40.41. For more information, please check out the MWC website, Discord room, Twitter feed, and Telegram Forum.