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.
On the Litecoin blockchain, the MWEB protocol allows for the addition of confidential transactions. Furthermore, the protocol removes unneeded data from transaction blocks.
MWEB will be launched on Thursday, according to Charlie Lee, the founder of Litecoin.
The MWEB is expected to go live on May 19. To commemorate the activation, they are considering hosting a webcast event. More information will be available soon.
Before MWEB activates, everyone interested in utilizing it, especially those who installed one of the previous release candidates, should update to the official v0.21.2. If you wait until after MWEB activation to update, you will have to resync the blockchain from the beginning.
Significant purchasing activity has recently occurred, which might be a strong evidence of 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 analyzes 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 $73 as of writing, up over 10% in 24 hours. The cryptocurrency touched an all-time high of $410 thanks to a bull run last year. It now 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 chances to improve as a result of MWEB, with the possibility of breaking beyond the $100 barrier.