Whales Eye Litecoin Ahead Of Major Update, Here’s Why

Ahead of the all-important the MimbleWimble (MWEB) update, the whales appear to be steadily eyeing Litecoin. The upgrade will allow transactions with the new MWEB privacy features.

MimbleWimble Protocol Features

The MWEB protocol allows for addition of confidential transactions on the Litecoin blockchain. Besides, the protocol reduces unwanted data on transactions 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 activate on 5/19. We are thinking of doing a livestream event to celebrate activation. Stay tuned for more details soon.”

David Burkett, the Litecoin update’s lead developer, said to 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.”

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Litecoin Price Jump?

In what could be a clear signal of bullish sentiment among investors for Litecoin, there has been significant purchase activity lately. Litecoin is among the top 10 purchased tokens among 100 biggest whales in the last 24 hours. The data was provided by WhaleStats, a platform that analyses the top 10 ETH wallets.

Clealry, the new update is something the big investors are looking forward to. This could mean a positive outlook for the 18^th ranked cryptocurrency.

Following a widespread cryptocurrency price decline last week, the altcoin hit a recent low of $55. As of writing, the token was trading at $73, a nearly 10% jump in 24 hours, according to CoinGecko. Thanks to a bull run last year, the altcoin hit an all-time high of $410. Its current market cap is $5.15 billion.

The activation of MWEB upgrade comes amid much hype after around two years following the commencement in 2020. Traders are anticipating a boost to Litecoin’s prospects due to MWEB, in the lines of surpassing the $100 mark.

Anvesh is keen on writing about major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, his interest in this space helped pivot his journalism career to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and reach out to him at anvesh (at) coingape.com

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