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Litecoin's MimbleWimble Upgrade Officially Activates, Price Remains Unchanged

Fri, 05/20/2022 - 13:27
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Tomiwabold Olajide
MimbleWimble Extension Block, often known as MWEB, was used to integrate MimbleWimble into Litecoin
Litecoin's MimbleWimble Upgrade Officially Activates, Price Remains Unchanged
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According to the official Twitter handle of the Litecoin cryptocurrency, the long-awaited MimbleWimble upgrade has been officially activated, allowing for privacy-oriented transactions on the network.

The MimbleWimble Extension Block, often known as MWEB, was used to integrate MimbleWimble into Litecoin, allowing users to opt-in to secret transactions. The MWEB, according to principal developer David Burkett, improves Litecoin's feasibility as a fungible currency that may be used for ordinary transactions, paying staff salaries, and even purchasing real estate. MimbleWimble employs a variety of cryptographic techniques to disguise the source and receiver of a transaction.

Litecoin developers earlier announced the readiness of MWEB in February 2022, while in March, they released a new version of the Litecoin Core 0.21.2 client to the testnet, which contains MWEB improvements and Taproot.

Litecoin's price remains unchanged

The MimbleWimble (MWEB) improvement will make Litecoin a more fungible and private cryptocurrency. In recent weeks, privacy cryptocurrencies such as Monero and Zcash have been gaining traction. Litecoin gained 5% in anticipation of the long-awaited MWEB on May 19. Litecoin was consolidating at $70.73 at the time of publication, essentially unchanged in the previous 24 hours.

Despite this, following a continuous decrease since March, the price of Litecoin appears to be stabilizing above the $52 support level. LTC might trigger a 30% ascent from current levels if it can break through the MA 50 hurdle at $98.76. A rapid upswing toward $134 might be triggered by the aforementioned barrier. The price of Litecoin is still down 82.85% from its all-time high of $412.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.