Ahead of MimbleWimble’s (MWEB) all-important update, the whales seem to be steadily watching Litecoin. The upgrade enables transactions with the new MWEB privacy features.
MimbleWimble protocol features
The MWEB protocol allows for the addition of confidential transactions on the Litecoin blockchain. In addition, the protocol reduces unwanted transaction data from the blocks.
Charlie Lee, the creator of Litecoin, announced in a tweet that MWEB would be activated on Thursday.
“MWEB is currently estimated to be activated on 5/19. We are thinking of doing a livestream event to celebrate the activation. Stay tuned for more details soon.”
David Burkett, the lead developer of the Litecoin update, told the node operators:
“Anyone interested in using MWEB, and especially those who have installed any of the previous release candidates, should upgrade to the official v0.21.2 before activating MWEB. If you wait until after MWEB activation to upgrade, you will unfortunately have to re-sync the blockchain.”
Litecoin price jump?
In what could be a clear signal of bullish sentiment among investors for Litecoin, there has been significant buying activity of late. Litecoin is in the top 10 purchased tokens of the 100 largest whales in the last 24 hours. The data was provided by WhaleStats, a platform that analyzes the top 10 ETH portfolios.
Clealry, the new update is something the big investors are looking forward to. This could spell a positive outlook for the 18th-ranked cryptocurrency.
After a widespread cryptocurrency price drop last week, the altcoin hit a recent low of $55. At the time of writing, the token was trading at $73, a jump of nearly 10% in 24 hours, according to CoinGecko. Thanks to a bull run last year, the altcoin reached an all-time high of $410. Its current market cap is $5.15 billion.
The activation of the MWEB upgrade comes amid much hype after about two years from its launch in 2020. Traders expect a boost to Litecoin’s outlook as a result of MWEB, in the line of crossing $100.
Anvesh likes to write about important crypto adoption announcements by institutions and popular personalities. Being associated with the cryptocurrency industry since 2016, his interest in this space helped redirect his journalism career to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and contact him at anvesh (at) coingape.com
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