The cryptocurrency market often offers traders valuable tools that deliver incredible returns in a short time, and logging in at the right time can change traders’ lives. Last week, those who bet on the Loopring saw the highest wins. Altcoinsincreased ninefold in a little over two weeks amid rumors and retail interest.
At press time looping (LRC), trading at $3.13. In the last 7 days, the altcoin has gained 132 percent, making it the highest increase among the top 100 cryptocurrencies in the market. Even more impressive is that on October 28, LRC traded as low as $0.37. After that price, it surged, which saw it hit an all-time high of $3.72 in two weeks. This represents an increase of approximately 900 percent.
What is Loopring and why did it increase 9x?
Loopring is a blockchain project built on the Ethereum network aimed at high-throughput, low-cost trading and payments. It is a Layer 2 project that secures Ethereum without high fees and slow transaction speed.
Loopring uses zkRollup, a new type of encryption that allows any data to be verified without exposing that data. For example, it could enable a platform to verify your wallet balance or email address without revealing it to the other party.
Besides, most of Loopring’s earnings can be attributed to GameStop. GameStop has announced that it intends to enter NFTs, maintaining a good relationship with the cryptocurrency industry. It was soon discovered that Loopring’s GitHub profile contained data linked to GameStop. Rumors that GameStop will build its NFT platform on Loopring spread quickly and the price of the altcoin soared. While GameStop has yet to confirm the rumors, they recently fueled the rumors by posting a job posting for ‘Head of Web3 Gaming’.
“Goes beyond GameStop”
Dragos Dunica, co-founder of DappRadar, believes the altcoin has gone beyond the GameStop rumors. Although these rumors are a spark, it would not be correct to consider it as the only reason that drives Loopring up. Such a rumor could only trigger the rise for a day or two, especially since it hasn’t been confirmed by Loopring or GameStop.
For Dunica, retail investors picked up the rumor and stepped in, seeing the potential of the LRC. After all, we’re in one of the industry’s biggest bull runs, and any project that seems lucrative can sustain inflows for a significant amount of time. Retail investors have been critical in pushing the prices of smaller cryptocurrencies in particular. Dunica believes retail investors are piling up as they believe LRC could be the next token with 50x or even 100x earnings. As its price was below $0.5 just two weeks ago, retail investors saw an opportunity to enter before a gem exploded.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.