Tuesday, December 6, 2022

Loopring Price Surges 50% After Gamestop’s NFT Marketplace Launch

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The Loopring price surges 50% after the latest Gamestop NFT marketplace integration and its steady ecosystem growth will result in further double-digit gains for the LRC price as well so let’s read more in today’s latest altcoin news.

Filing multiple needs in the crypto community is one way that a project can set itself apart from the rest of the competition and new attract users as well as liquidity to the system. Loopring price surges 50% after the Gamestop integration and plans to grow further by offering an Ethereum Virtual Machine-based solution that will have low fees where Defi and NFT developers can transact. The scaling solution utilizes zk-Rollups to provide fast and low-cost transactiosn so it’s no wonder that the project gained traction in March.

The data from Tradingview shows that the price of LRC gained 57% between March 21 and March 23 and its price hit $1.23 amid the spike in the 24-hour trading volume to reach $2.75 billion. The three developments which helped spark the reversal in the price for LRC include the beta launch of the Gamestop NFT marketplace on the Loopring network with the inflows of new users and an expanding NFT  ecosystem.

The biggest development that helped to drive the increase in demand for the LRC token was the announcement that Gamestop integrated the beta version on its NFT marketplace with the Loopring Network. Beta users can start exploring the marketplace and deposit funds in preparation for the full launch of the platform which is expected to take place soon. Another factor that spiked LRC to rise has been the surge in new users of the Loopring ecosystem as can be seen from the high numbers of wallets joining the network.

loopring volume
Loopring volume traded per pair per day. Source Dune Analytics

According to Dune Analytics, the wallet count of the network increased from 6,498 to an all-time high of 27,092 on March 25 after the GameStop announcement helped initiate a new wave of users. The recent release of the Loopring Smart Wallet includes the ability to mint NFTs and to retrieve the lost accounts via social recovery which also helped in the process of onboarding new users and wallets. The third factor that helped boost the LRC token price is the growth of the ecosystem which includes having a whole new NFT community that has hit more than one million NFTs minted. Further evidence of the growth can be found looking at the daily volume traded on the network which experienced a spike in activity after the GameStop announcement.

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