It has Increased by Almost a Thousand Percent in Two Weeks! What is Loopring (LRC) and Why Is It Rising?

0
24

Over the past two months, the crypto currency markets have been offering amazing opportunities. Many altcoin it achieved gains of up to 1000% in two-week processes. Investors who log in at the right time increase their investments up to 10 times in just 14 days. Who is the star of the last days Loopring (LRCone of them is also in ) so why is it rising and what is it doing?

What is Loopring (LRC)?

At the time of writing, Loopring (LRC) its price continues to rise, having gained 10% in value. Currently, the LRC, which continues to find buyers from $ 3.15, has reached a daily trading volume of $ 2 billion. Today, with an increased transaction volume of more than 100%, the LRC is receiving a lot of attention. This volume, Polkadot, EOS has surpassed Chainlink, Bitcoin Cash and even the highest-paid coin Dogecoin.

Over the past 7 days, the altcoin has gained 132 percent in value and is the 100th most valuable on the market cryptocurrency he became the most profitable asset among his unit Dec Even more impressive was the fact that on October 28, the LRC was trading at a price as low as $ 0.37. At that time, the transaction volume was typically small altcoins for it was less than $ 100 million. Then he started a journey that reached $ 3.72 in 14 days. Its daily volume reached almost 10 billion dollars, and its price increased by 900%.

The project aims to create an interconnected system of trading platforms where buyers and sellers can access multiple trading platforms from a single centralized protocol and match orders cross-platform. Loopring it uses zero-knowledge aggregations (ZKROLLUP), a new type of encryption that allows any data to be verified without having to reveal that data. This algorithm has been mentioned in quite detail before. The horize (ZENhe uses it in the same way as in ). The basis of the “zero information gathering” algorithm, which is a great innovation in terms of security, actually goes back much further.

What does this feature do? For example, it can enable a platform to verify your wallet balance or email address without disclosing it to the other party. In october, it aggregates transactions and executes them decisively correctly offline, further increasing the processing speed.

Why is Loopring (LRC) Rising?

Its technology is extremely good, but we can’t explain the rise approaching 1000% just by that. The main reason that triggers the price movement is another one.

GameStop, maintaining its good relationship with the cryptocurrency industry NFThe announced that he wanted to get into the. It was soon discovered that Loopring’s GitHub profile contained data linked to GameStop. Rumors that GameStop would install the NFT platform on Loopring immediately began to circulate, and the price went up.

GameStop, although it has not yet confirmed the rumors, recently fueled the rumors by posting a job ad for ‘Head of Web3 Gaming’. In the job ad, “about different blockchains and Ethereum layer2 it is said that someone who is an ”expert in solutions” is being sought. Loopring is a layer2 solution on Ethereum. So the definition in the job ad also fits this.

Dragos Dunica, co-founder of DappRadar, GameStop he believes that he has gone beyond his rumors. These rumors were born on the Reddit platform, there is even no need to explain the relationship of GameStop and the Reddit community. If the claim is confirmed, the LRC price may rise further. But if the opposite happens, investors will suffer serious losses.

You can follow our news on our Telegram channel, Instagram, Facebook, Twitter accounts and Youtube channel.