• Loopring’s price has risen by 22%, and more game-ending rumors have surfaced

  • Loopring’s price is up 22% today, indicating a strong recovery from the bear trap that formed this morning. We last reported on Loopring’s meteoric price rise last week; it appears the market hasn’t run out of steam yet, as LRC continues to rise. Let’s take a look at what’s causing this price increase and whether it will continue next week.

    What Exactly Is Loopring?

    Loopring is a blockchain-based platform that allows users to trade assets across multiple exchanges. It is not a decentralized exchange in and of itself, but it allows users to trade assets without requiring them to deposit funds with an exchange.

    According to the official Reddit subreddit:

    “The Loopring protocol is an Ethereum zkRollup protocol. “A layer-2 solution for securely scaling Ethereum and developing high-performance non-custodial exchanges and payment applications.”

    Why Is the Price of Loopring Increasing?

    A leak in Loopring’s github code revealed a potential partnership with GameStop, as GMEdd reported last week.

    While neither Loopring nor Game Stop have confirmed the partnership, it appears that traders are still buying LRC based on the rumor.

    Furthermore, another github leak has surfaced, revealing even more evidence of the collaboration.

    Dejan tweeted an image of a post on r/loopring that showed a comment on their github that mentioned Game Stop.

    / “eject” yourself from the GameStop ecosystem).

    It’s debatable whether leaving this comment for the final commit was intentional or not. A simple Ctrl + F “GameStop” search would have revealed all Game Stop references that could have been removed.

    Tokenomics and the Loopring Price

    LRC is currently trading at $1.58, representing a 23 percent gain in the last 24 hours and a more than 130 percent gain in the last week. Loopring has a market cap of $2 billion, making it the 74th largest cryptocurrency on the market.

    Loopring has $895 million in trading volume, with the majority of it coming from Binance, OKEx, and Coinbase. Loopring has yet to reach an all-time high, with the most recent ATH occurring in January of 2018 when it reached more than $2.

    At the current rate of market movement, it’s clear that Loopring is aiming to break $2 once more. Whether or not that happens is dependent on whether or not Game Stop confirms a partnership with LRC.

    On the other hand, if the Game Stop partnership fails, the LRC price will plummet dramatically. I would proceed with caution, especially if you intend to make a quick buck with Loopring. As is always the case, this is not trading or investment advice. Do your own research at all times.

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