According to WhaleStats, Litecoin was on the top 10 purchased tokens among the 100 biggest Binance Smart Chain (BSC) whales on May 16. It seems that the highly anticipated MimbleWimble release drives the bullish movement here. Since May 13, the LTC price is 40% up from its low of $53. At the time of writing, Litecoin is trading at $71, a sign of the long-awaited recovery.
Charlie Lee, the creator of Litecoin, announced that MimbleWimble is set to go mainnet on May 19, after nearly two years of development. Lee reminded LTC miners to update so they won’t mine invalid blocks. Litecoin creator also announced that the activation will be celebrated with the livestream.
The MimbleWimble is a privacy and scalability upgrade first deployed on the testnet in October 2020. In addition to confidential transactions, it removes unnecessary transaction data through compression, decreasing the block size and enabling greater network speed.
Initially, Litecoin, the oldest cryptocurrency after Bitcoin, was advertised as a faster alternative to the “digital gold” and designed to be used for everyday payments. However, its value diminished after the launch of the Lightning Network, a Layer 2 solution that solved the Bitcoin scalability problem. The MimbleWimble confidentiality feature, as intended by developers, will keep Litecoin relevant.