The altcoin project called Loom Network (LOOM), which attracted attention with its tremendous rise, showed a very successful performance in September. With its value increasing by over 240%, this project has achieved a prominent position in the cryptocurrency world. Moreover, this success was further consolidated with the listing of LOOM by Gate.io, a leading crypto exchange platform.
Loom Network (LOOM) started September with a value of $0.038. But in just 25 days, the value of this altcoin made a huge jump, reaching $0.13. This impressive rise appears to be a result of the successful work of the project team and user community behind LOOM.
However, LOOM’s success is not limited to its own performance. This week, leading global crypto exchange Gate.io announced that it has listed LOOM for trading on its platform. This can contribute to the growth of the project by increasing the altcoin’s opportunity to reach more investors and users.
Loom Network is a multi-chain interoperability platform aimed at scaling high-performance decentralized applications (DApps). The project has integrations with blockchain networks such as Bitcoin (BTC), Ethereum (ETH) and Tron (TRX).
LOOM is the token used to secure the Loom Network’s main network, Basechain. Developers can also use the altcoin to keep their DApps on the Basechain.
Blockchain analysis platform Santiment recently noticed LOOM’s rise and said that the altcoin may have more upside room, according to various indicators.
“Loom Network’s price reached its highest level since December 2021, reaching just above $0.126 before a slight correction. “LOOM’s rate on the stock exchanges has fallen from 20.8 percent to 14.9 percent in the last five days, which shows that this rally can be extended.”
LOOM has since pulled back slightly and is trading at $0.11 at press time.
You can follow the current price movement here.