Loopring (LRC) Spikes on GameStop Link Rumors
Loopring (LRC) was the star gainer in another round of token and altcoin appreciation. LRC rapidly rose to an all-time high of $1.65, later to hover around $1.39 for a daily gain above 44%. LRC moved higher after a period of relative inactivity and obscurity, entering the top 100 of coins and tokens in terms of market capitalization.
LRC is now sparking expectations of regaining its previous peak value not seen in years, while having the potential to spike to $10. Smaller tokens have boomed in the past days, sometimes gaining confidence from the performance of Solana (SOL), which started at a low per-unit price yet moved into the top 5 of large cap digital assets.
What is Loopring
Loopring is a second-layer solution similar to Polygon (MATIC). In addition to scalability, Loopring offers a transaction veiling mechanism to achieve untraceable or difficult-to-trace transactions. The feature is optional, and LRC is not an inherently anonymous asset.
Loopring also aims to solve the problem of high and unpredictable fees on the Ethereum network, adding a solution to transact through a second layer smart contract.
How High can LRC Go
At the end of October, technical analysts saw potential in LRC to move to a new high. Now that LRC has completed the move over several days, there are more speculations the asset may reach for a much higher valuation.
One of the price drivers is speculation that Loopring has contracted a big gaming household name, with the potential to mint token-based licenses for game ownership. In essence, the Loopring network could issue NFTs linked to game ownership, thus for the first time potentially opening previously owned games to an open market.
Is GameStop the New Secret Partner for LRC
The rumors mention GameStop as the potential partner, based on leaked code discovered in Loopring’s GitHub depository. The gaming company, which already has a powerful social media presence due to the GME short squeeze, may also add the cryptocurrency space to its list of achievements and a path to return to fame.
Loopring is still in the stage of attempting to launch its NFT market, potentially grabbing a piece of a growing industry. On-chain analysts have also claimed to intercept a transaction revealing the connection between Loopring and GameStop.
If successful, Loopring can also rely on using the upcoming Coinbase NFT marketplace, in addition to the general potential to transfer NFTs in advance and use existing markets.
Loopring joins the trend of linking the world of traditional gaming with the crypto market, and its price tracked the performance of Decentraland (MANA) and Axie Infinity (AXS). Decentralized games are also changing the potential market for in-game items and achievements.
Loopring Undergoes Active Development
While Loopring lacks the high visibility of larger tokens, its team is busy making improvements. One of the latest access points is a new block explorer for second-layer transactions.
Recently, the Loopring team also noted a boost in usage, with a record number of Layer-2 transactions.
LRC Bursts with Record Trading Volumes
Loopring first appeared as an ICO project and started trading in 2018. Its all-time high peak happened on thin trading volumes in September 2018, at above $2.12. The asset then erased most of the value and went through a prolonged bear market before breaking out again.
Trading volumes expanded in October, getting closer to $100M per day, only to peak in the past two days at above $4.3B in the past 24 hours. This puts LRC as one of the most actively traded assets in the latest round of appreciation.
Like with other assets recently spiking, Binance International trading pairs usually achieve the heavy lifting. LRC is highly liquid on Binance, and has become the fifth largest trading pair for the day, displacing Shiba Inu (SHIB). The Sandbox (SAND) is still among the top traders after its recent price discovery hike.
LRC is also available through the Coinbase brokerage and entirely open to US-based persons. However, the pairing remains less liquid and so far, LRC has not achieved the high visibility of other meme-based tokens.
Play to Earn Tokens Remain Volatile
Play to earn tokens are still a growth sector, and may show significant short-term volatility. After a peak day, MANA slid back more than 11% to $2.86, with AXS remaining stagnant around $138.
The total market cap of play to earn tokens is still around $23B, with little change over the past day. Still, the sector is viewed as one of the most active areas of development, with new games and items dropping almost daily.
Gaming tokens also benefit from the overall drive in altcoins, as most assets are in the green on Wednesday. While Bitcoin (BTC) stagnated below $62,000, altcoins are making moves and regaining lost price positions, with expectations of bigger rallies in November. Ethereum (ETH) also boosted token prices, after moving closer to the $4,600 range.
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