The whales appear to be progressively eyeing Litecoin ahead of the all-important MimbleWimble (MWEB) release. Transactions with the new MWEB privacy features will be possible after the upgrade.
Features of MimbleWimble Protocol
On the Litecoin blockchain, the MWEB protocol allows for the addition of secretive operations. Furthermore, the protocol removes unneeded information from transaction blocks. MWEB will be launched on Thursday, according to Charlie Lee, the founder of Litecoin.
“MWEB is currently estimated to activate on 5/19. We are thinking of doing a Livestream event to celebrate activation. Stay tuned for more details soon.”
The main developer of the Litecoin upgrade, David Burkett, told the node operators,
“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.”
Litecoin Price Increase?
Significant purchasing activity has recently occurred, which might be strong evidence of a positive mood among investors for Litecoin. Litecoin is one of the top ten tokens acquired by the top 100 whales in the previous 24 hours. WhaleStats, a site that analyses the top 10 Ethereum wallets, gave the information.
Clearly, the new upgrade is something that the major investors are anticipating. This might indicate a bright future for the 18th most valuable cryptocurrency.
The altcoin hit a recent low of $55 following a global cryptocurrency price decrease last week. According to CoinGecko, the cryptocurrency was trading at $71 as of writing.
The activation of the MWEB update comes after a two-year wait since it was first announced in 2020. Traders expect Litecoin’s chances to improve as a result of MWEB, with the possibility of breaking beyond the $100 barrier.