The Layer 2 Blockchain solution and decentralized exchange Loopring (LRC) are seeing token prices soar as FOMO builds on its partnership with GameStop. cryptocoin.com You can find the LRC price analysis that we have transferred here. What did the partnership gain to the altcoin project? Here are the details…
Loopring (LRC) is experiencing stormy days!
Late last month, GameStop news site GMedd reported that the code was leaked from Loopring’s Github. The leaked code confirms a partnership with GameStop to build an NFT platform. Earlier this week, GameStop’s stock (GME) started to rise as more disclosures emerged. Loopring’s native LRC token is also up 37% on the day.
GameStop is actively in the market for more crypto native software engineers. Gamestop needs them in the NFT platforms, Blockchain games and Web3 space. Reports also suggest that the new platform could also allow crypto trading:
These findings suggest that GameStop’s NFT marketplace will allow for the resale of cryptocurrencies, including the ability to pay royalties to the original creator on future transactions.
Why is the altcoin LRC price rising?
Loopring is an application-specific Layer 2 protocol built on top of Ethereum (ETH). It uses zk-rollup for bulk transactions from the main Blockchain providing faster and much cheaper transactions. Additionally, Loopring actually holds a patent for a decentralized crypto exchange. In May, the project was integrated into the OpenOcean CEX and DeFi aggregator. According to reports, GameStop has not yet officially revealed the details of the partnership or the new platforms. Experts say the movements in the stock price are purely speculation at the moment.
Increase in LRC price
Loopring’s native LRC token has been fluctuating for the past 5 days. LRC rose 68% to $1.60 from under one dollar yesterday. As speculation on the partnership mounts and FOMO continues, the DEX token has seen a massive 217% increase over the past week. The LRC hit an all-time high of $2.40 in January 2018 and has since retreated 45% from that peak.
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