The whales seems to be taking an interest in Litecoin ahead of the all-important MimbleWimble (MWEB) release. Transactions with the new MWEB privacy features will be possible after the upgrade.
The MimbleWimble Protocol Features Upgrade
On the Litecoin blockchain, the MWEB protocol allows for the addition of confidential transactions. Likewise, the protocol removes unnecessary data from transaction blocks.
The Litecoin founder, Charlie Lee tweeted that MWEB will be launched on Thursday.
“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 principal 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.”
Will there be a Litecoin Price Increase?
Significant purchasing activity has recently occurred, which could be a clear signal of a bullish opinion among investors for Litecoin. Litecoin is one of the top ten tokens purchased by the top 100 whales in the last 24 hours. The data was provided by WhaleStats, a platform that analyzes the top 10 Ethereum wallets.
The new upgrade is something that the major investors are anticipating. This could indicate a favorable outlook for the 18th-ranked cryptocurrency.
The altcoin hit a recent low of $55 following a global cryptocurrency price decrease last week. According to CoinGecko, the token was trading at $73 as of the time of writing, up over 10% in 24 hours. The altcoin touched an all-time high of $410 thanks to a bull run last year. It currently has a market capitalization of $5.15 billion.
The activation of the MWEB update comes after a two-year wait since it was first announced in 2020. Traders expect Litecoin’s prospects to improve due to MWEB, with the possibility of breaking beyond the $100 barrier.
