The cryptocurrency market just keeps churning out the hits, and Loopring is the latest token that has drawn the attention of many traders and investors. With a number of rumors circulating Loopring regarding a potential partnership with GameStop on an upcoming NFT marketplace, some people are buying into the existing cryptocurrency. It is entirely possible that Loopring will only be licensing technology to GameStop if the two entities actually are working together, so the over 500% gain of the cryptocurrency in the past month might be a bit too fast and too furious.
Loopring (LRC) is an Ethereum-based token that describes itself as "an open-sourced, audited, and non-custodial exchange protocol.” It aims to allow anyone to build non-custodial, order book-based exchanges on Ethereum by leveraging zero-knowledge proofs. The protocol touts security, high throughput, and low cost as some of their advantages.
Things really started to heat up over the past week, as LRC is up nearly 272% in that time period. Rumors have been swirling around the Internet that GameStop (GME) is working on an NFT marketplace and that it will be powered by Loopring technology. Last week, website GMEDD claims to have discovered some hints about the upcoming GME NFT storefront on the Loopring GitHub, but these are still rumors at this point.
We do know that GameStop has been actively hiring talent in the NFT, blockchain, and cryptocurrency space. The relationship between Loopring and GameStop remains unclear, but that hasn't stopped many investors from piling into the cryptocurrency. LRC is now within spitting distance of its all-time high of $2.59, and could be there within the day or week at the pace it is moving. The coin currently has a $3.1 billion market capitalization, and has seen volume spike over the past few weeks. There are currently 1,325,130,570.396 Loopring tokens in existence.
We will be keeping a close on on Loopring's price movements here at Shacknews, so be sure to bookmark our website or set it to your home page. Do people even do that anymore? Let us know in the Shacknews Chatty comments thread below!
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.