Loopring price continues its meteoric rise, currently up over 65% today alone with a massive trading volume of over $3.35B. Trading at $2.2 at the time of writing, all the hype today is about LRC. Let’s see what’s new with Loopring since we last reported on it yesterday.
What Is Loopring?
Loopring is a layer-2 solution to scale the Ethereum network. It enables users to trade assets across a variety of exchanges.
Loopring allows developers to build decentralized exchanges on their platform, and provides users with a way to trade digital assets without depositing them anywhere.
Why Is Loopring Price Rising?
As we reported yesterday, there is still hype surrounding the rumors of a potential Game Stop partnership.
New evidence suggesting a potential partnership surfaced on twitter last night, which seemed quite too blatant in people’s opinion. A comment in Loopring’s github mentioned Game Stop which seems like quite an oversight when it comes to keeping certain news confidential.
There are more rumors circulating about the potential partnership.
All the signs are there. One big one being Finestone who worked for $LRC is now head of blockchain for GameStop. Also, it’s been coded multiple times. You can do research and see all the signs that it is basically confirmed.
— LordVader (@FelineSithLord) November 8, 2021
For example, ZQuant said:
“All the signs are there. One big one being Finestone who worked for $LRC is now head of blockchain for GameStop. Also, it’s been coded multiple times. You can do research and see all the signs that is is basically confirmed.”
The person in question is Matthew Finestone, who was Head of Business for Loopring up until April 5th. If you look up Finestone’s linkedin now, you will notice he’s currently the head of Blockchain development for Game Stop.
Loopring Crypto.com Issues
While Loopring is the biggest gainer on Crypto.com, users on twitter are reporting issues with buying LRC.
https://t.co/4t2qygSu6J is messed up can’t buy loop that’s the only one I can’t buy
— K K (@KKshatriya66) November 8, 2021
After attempting to purchase some Loopring myself via a credit card on Crypto.com, I encountered an error that said “rate expired”. I tried refreshing the app and the rate but kept getting the same error.
Hopefully the issues with Crypto.com resolve soon, but that shouldn’t have an effect on Loopring’s price.
The good news is, most of the trading volume for Loopring is coming from Binance, which isn’t having any problems buying / selling LRC.
Loopring Price & Tokenomics
Loopring is currently trading at $2.2 with a total market cap at a whopping $2.9B. LRC is currently the 60th largest crypto on the market with a 24 hour trading volume of $3.35B.
With the recent price hike, LRC set a new all time high of $2.2. Most of the hype is coming from the Game Stop partnership rumors. With each passing day more and more evidence surfaces that points toward an upcoming announcement.
Keep in mind though, the saying in crypto is:
“buy the rumor sell the news”
So if you’re looking to make short term gains with Loopring I would tread carefully. As always this isn’t trading / investment advice, always do your own research.
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