Altcoin Loopring (LRC) has vastly outperformed meme-inspired cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE) in the past 30 days and may continue its upward move according to some analysts.
Loopring (LRC) folds SHIB and DOGE
Loopring (LRC) is a second layer scaling solution for the Ethereum network aimed at facilitating trade and payments. Over the same period, SHIB increased by 91% and Dogecoin increased by 10%, while in the last 30 days it increased by over 790%.
While other altcoin projects stall, LTC continues
cryptocoin.com Our LRC price analysis shows that it is on track even if other cryptocurrencies stopped rising earlier this week. The surge apparently started with individual investor interest after a leak on Loopring’s GitHub repository showed GameStop (NYSE:GME) reaching a deal for the NFT market.
The project was founded by Daniel Wang, a China-based software engineer who worked at internet companies including Google and JD.com. In 2017, he held an ICO worth $45 million after raising 120,000 ETH. Most of the funds were later returned to the public as regulations on ICOs tightened. Loopring is basically software that aims to allow exchanges to be built on top of it and to eliminate the slow speeds and high transaction costs associated with decentralized exchanges in Ethereum’s first layer. Also, a Loopring-powered NFT marketplace is expected to have much lower fees than other leading Ethereum-based marketplaces. Dejan, an LRC maximalist, says:
LRC new Loopring x GME code leak. At this point, it’s not even speculation anymore.
Ethereum transaction fees could increase LRC’s demand
Transaction fees in Ethereum have soared from just over $1 last year to over $50 earlier this year, as the demand for block space on the network increases with the total value locked into DeFi platforms and NFTs. Analysts predict that the LRC price will continue to rise as more users learn of the potential to save on gas costs. Based on technical analysis, a Benzinga analyst said the LRC is under increasing buying pressure, which is outweighed by selling pressure.
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