Loopring: Gamestop Speculation and Metaverse Bets Drive Up Stock 7 Times
Loopring is soaring in value and making headlines across the world. The LRC token has surged in price by almost 7 times in the last month. It also recorded an all-time high of $3.75 on November 10, according to CoinGecko.
As a result, investors are highly excited and interested in Loopring. Let’s take a look at how the token got so popular and if it will turn out to be promising.
What is Loopring?
Loopring is a platform built on Ethereum to validate blockchain transactions. The platform stands out due to its speed of transactions and low fees; it can perform about 2,025 trades per second. Additionally, the platform supports transactions both on and off the blockchain. Loopring is also highly secure and puts the user in control of everything.
Traders favor the Loopring platform for fast and cheap transactions, however, its popularity and price surge are also for other reasons.
How Did Loopring Surge in Value by 7 Times?
Many people are wondering how Loopring shot up in value so quickly. However, there are no reports or media coverage to provide clues. But speculations are doing the rounds in the market, and here is what we know.
The surge of LRC’s value may be due to its connection with GameStop, the largest retailer of video games. On October 28, a tweet appeared from GMEdd to claim Loopring’s association with GameStop. It stated that leaked code from GitHub proved Loopring’s partnership with the game retailer.
Speculations say both are working on launching an NFT marketplace. NFTs are digital tokens that you can use to establish ownership over digital works of art.
NFT is in high demand, and an ecosystem is building up around it; during the first half of 2021, NFT transactions grew by 328%.
As a result, the association with NFT and GameStop fueled the price surge of LRC tokens. However, there is another reason why Loopring is creating a buzz.
Loopring and Metaverse
Some are saying Loopring will play a big role in the development of the metaverse. It could join the names of leading businesses like Facebook to develop the technology. Additionally, it could grab a share of the trillion-dollar metaverse industry of the future.
What is Metaverse?
It is a blend of virtual reality, augmented reality, and the internet. Examples of metaverse are games like Fortnite and Grand Theft Auto 5. Experts claim metaverse will be the future of digital experiences and a part of our lives.
Now, how is Loopring connected to metaverse?
Loopring comes into the picture in metaverse due to its association with NFT or non-fungible tokens; these digital tokens will help people buy and sell digital assets in metaverse.
Therefore, Loopring can benefit from the development and make more profits — no wonder the price of LRC tokens is rising upward, backed by all these reasons!
LRC’s spike over the past 7 days stands at 97.8%. In the past two weeks, LRC’s value increased by 373.1%. Additionally, the price has risen by 614.9% in the last month. Therefore, the token could be a top performer in the coming days.