Before the big MimbleWimble (MWEB) update, whales seem to have their eye on the popular altcoin Litecoin (LTC). The update will enable the use of new MWEB privacy features. Here are the details…
Mimble Wimble update is coming in popular altcoin LTC
MWEB protocol allows adding private transactions to Litecoin Blockchain. Also, the protocol reduces unwanted data related to transactions from blocks. Litecoin creator Charlie Lee announced in a tweet that MWEB will be activated on Thursday. Lee’s tweet stated that MWEB is estimated to be activated on May 19. He stated that they plan to make a live broadcast to celebrate this update. David Burkett, lead developer at LTC, told node operators:
Anyone interested in using MWEB, and especially those installing one of the previous versions, should upgrade to the official v0.21.2 before MWEB is enabled. If you wait until after MWEB activation to upgrade, you will unfortunately have to resync the Blockchain from scratch.
MWEB is currently estimated to activate on 5/19 8:30pm PT (5/20 3:30am UTC). We're thinking of doing a livestream event to celebrate activation. Stay tuned for more details soon.
In the meantime, help us reach out to pools and miners. There are still some that have not upgraded!
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) May 16, 2022
Whales’ eye on LTC
There has been significant buying activity among Litecoin investors recently. Over the past day, LTC has been among the top 10 tokens purchased by the 100 largest whales. As Kriptokoin.com , whales are the biggest investors in terms of the amount of coins they hold. The data for the whales was provided by WhaleStats, a platform that analyzes the top 10 ETH wallets. It turns out that the update is a development that big investors are looking forward to.
MWEB upgrade activation comes with a lot of hype nearly two years after it started work in 2020. Investors seem to expect Litecoin to exceed $100 due to MWEB. Ranking 18th with a market cap of $5.08 billion, LTC is changing hands at $72.14 at the time of writing, an increase of 2.1 percent. The cryptocurrency managed to rise as high as $ 74.05 during the day. However, due to the general bearish sentiment in cryptocurrencies, it fell on a weekly and monthly basis. LTC has lost 27.3 percent over the past 14 days. On a monthly basis, this decrease rate is around 33.5 percent.
