Whales buy Litecoin ahead of MimbleWimble upgrade; Recovery ahead?

Sahana Kiran
Source – Pixabay

Litecoin [LTC] made a huge comeback with its imminent MimbleWimble [MWEB] update. From revamping itself into a privacy-centric network to collaborating with Dogecoin [DOGE], LTC has been making immense headlines. Now, as the network inches closer to the launch of MimbleWimble, Charlie Lee, the creator of LTC has been giving out timely updates.

All of April and the end of March were about getting mining pools to start signaling and mine a valid MWEB block on testnet. Almost every prominent miner had come forward to mine a valid block. The Litecoin creator even went on to warn the miners as they would be mining invalid blocks following the release of MWEB. Now that the launch of MimbleWimble is just two days away, Lee revealed that the activation would be carried out during a live stream.

This highly anticipated upgrade is all set to take off after nearly two years of development. The first MWEB testnet was rolled out back in October 2020 itself. Two years, multiple highs and lows, and a pandemic later, the protocol is all set to go live on the Litecoin network. The MimbleWimble Extension block allows users to carry out confidential transactions.

The government isn’t very open to privacy coins. While they have just begun warming up to decentralized assets, the community started fearing the repercussions of converting Litecoin into a privacy-centric asset.

Will MimbleWimble push Litecoin beyond $100?

The emergence of new coins put Litecoin in the backseat. The altcoin certainly had trouble staying relevant. However, the latest update could spruce up the network. These BSC whales’ latest move is proof of the same.

According to WhaleStats, Litecoin was one of the top 10 most purchased assets by the 100 biggest BSC whales.

It certainly seems like these whales were prepping for the MWEB update.

Meanwhile, LTC continued to trade below $100 for $70.59 with a nearly 6 percent surge over the last 24-hours. Earlier this week, the altcoin hit a low of $55. Its recovery from this low was lauded by many.