Last week, a leak in Loopring’s github repository hinted towards a potential Game Stop partnership, today the price is up almost 40%.
According to an article from a website called GameStop Due Diligence:
“Loopring has the technology that GameStop would require to bridge traditional e-commerce and blockchain”
While this by itself might not mean much, GMEdd discovered GameStop’s newly posted NFT job listings. GameStop’s job listings coincide with Loopring’s upcoming Q4 2021 launch which has new code labeled “NFT feature”
While we currently don’t have a confirmation of a potential partnership between Game Stop and Loopring, traders clearly believe that something is brewing. In the past 24 hours, Loopring’s price increased over 38% from $1.02 to $1.43 at the time of writing.
There’s a common saying in crypto:
“buy the rumor sell the news”
As such, it’s not surprising to see the $LRC price rise while there are only rumors of a potential partnership brewing.
These price fluctuations are meaningless to long term investors who are looking to 10x or 20x their initial investment. However, seeing Loopring pick up hype trading volume is a great sign for $LRC’s future potential.
That's a new Loopring L2 daily record in trading volume🔥 pic.twitter.com/ni63b4CAMh
— Loopring💙🏴☠️ (@loopringorg) November 2, 2021
You can purchase LRC on most major exchanges such as Binance, Coinbase, KuCoin, Gemini and more. Currently Binance has the highest trading volume at $1.258 billion in the past 24 hours.
GameStop ($GME) Stock
It’s also worth mentioning that the $GME stock registered some of it’s biggest moves today, increasing 3.46% in the past 24 hours.
NO GAS FEES, another reason $LRC is rising
In a reddit thread posted earlier today, u/delvo14827 explains how Loopring won’t have any Gas Fees.
He explains that Loopring is a layer 2 protocol, meaning that users can transact without gas fees while still enjoying the security of the Ethereum blockchain.
If you’ve used Ethereum before, you know that gas fees are a astronomical and can cost upwards of $100 for a single transaction. For the new crypto enthusiast such high fees are ludicrous and are a huge turn off for using the blockchain.
Loopring uses database called a Merkle Tree which is similar to an off-chain database. This allows users to make transfers without the need for gas fees.
If you want to learn more about Loopring, check out their official website.