28 September 2023
The Loom Network (LOOM), a multichain interoperability platform geared towards scaling high-performance decentralized applications (DApps), has surprised many with a 264% rally in just a month. Adding to the excitement, the renowned crypto exchange platform, Gate.io, has recently announced its decision to list the altcoin LOOM for trading.
As of the latest figures from CoinGecko, LOOM stands at a trading price of $0.145481, marking an impressive 28% rally within the past 24 hours and a 148% surge over the last seven days.
Gate.io Embraces Altcoin Momentum
The surge in the altcoin value also comes as a surprise given its pivotal role within the Loom Network’s ecosystem. LOOM tokens are not only the backbone of the Loom Network’s mainnet, Basechain, but also serve as the currency for developers looking to host their DApps on Basechain. Additionally, validators and delegators stake their LOOM tokens to bolster the network’s security.
Blockchain analytics platform Santiment, known for its sharp eye on market trends, has detected LOOM’s remarkable ascent. According to the latest report, LOOM’s price reached levels not seen since December 2021, briefly surpassing the $0.126 mark before a minor correction.
Notably, the ratio of LOOM tokens on exchanges has plummeted by 20.8% in the past five days, now standing at 14.9%. This reduction in circulating supply on exchanges hints at the possibility of an extended rally for LOOM, as demand continues to outpace the available token supply.
The Crypto Market’s Rapid Evolution
The altcoin market is a dynamic and ever-changing landscape, where even lesser-known projects can swiftly rise to prominence under the right conditions, leading to substantial gains for investors. A separate report describing LOOM’s remarkable rally has once again highlighted this phenomenon.
LOOM, alongside ImmutableX (IMX) and Frontier (FRONT), has emerged as one of the top-performing cryptocurrencies of the week. This surge in popularity aligns with the growing demand for new crypto wallet addresses being created within the network.
Insights and Implications
As the crypto market continues to rise above expectaions, altcoins like LOOM are proving their mettle with significant price surges. The listing of LOOM on Gate.io signifies a growing recognition of the project’s potential. Price analysis suggests that LOOM’s rally may not be over, with strong indicators pointing toward further upward movement.
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Altcoin enthusiasts and investors will undoubtedly keep a keen eye on LOOM’s performance in the coming weeks as the cryptocurrency market remains as unpredictable as ever.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock