Why is LRC crypto making a splash with over 400% jump in trading volume?

May 24, 2022 02:13 PM AEST | By Sonal Goyal
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  • Loopring (LRC) crypto is up over 16% in the last 24 hours
  • The market cap of LRC token is over US$700 million now
  • In the last 24 hours, trading volume in this crypto has increased by 430%

After some signs of recovery on Monday, the global crypto market has again come under selling pressure on Tuesday (24 May 2022). Global market capitalisation of the crypto market decreased by 2.61% to US$1.26 trillion today at time of drafting this article, according to CoinMarketCap. Top-ranked currency Bitcoin (BTC) was down by 3.24%, and Ethereum (ETH) dipped 2.30% in the last 24 hours. The majority of the top-ranked digital tokens were in the red today, but some altcoins are buzzing today with impressive price and volume performance.

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One such cryptocurrency is Loopring (LRC), which was up over 16% in the last 24 hours to trade at US$0.58 per token with a massive jump in its trading volume. According to data available on CoinMarketCap, trading volume in LRC crypto across exchanges is up by over 400% to US$464 million. This volume is almost 60% of its present market capitalisation of US$792 million.

Despite today's gain, Loopring is way behind its 52-weeks high of US$3.83, recorded on 10 November 2021. According to the CoinMarketcap, this digital token has managed to generate an ROI (return on investment) of 1051% since its launch.

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What's behind today’s surge in LRC price?

LRC, Ethereum-based cryptocurrency token of Loopring, is trending as GameStop has launched its Web3 Ethereum digital wallet, which utilises layer two (L2) ZK-rollup tech of Loopring. GameStop is a gaming software and the consumer electronics retailer that partnered with the project at the end of March 2022.

In the partnership, GameStop gained the advantage of Loopring's technology, which allowed the company to provide users with fairly-priced and fast transactions through its Web3 Ethereum wallet. On the other hand, LRC ZK-rollups are also leveraged.

Through social media platforms, Loopring informed that:

What are the future prospects of Loopring?

Image source: © Kviztln | Megapixl.com

To ascertain the potential of Loopring, it is crucial to know important aspects of this crypto. It builds user-facing products, infrastructure and protocols for the future of finance. The crypto project has a belief that Ethereum is the base of the future of finance.

The whitepaper of Loopring highlights that the L2 of the project offers a high-speed, low-fee platform for payments, swapping, liquidity swapping and trading. All this without compromising the Ethereum security.

In terms of security, the company claims that no exchange or an individual can come in between the Ethereum-based asset and its user. The protocol of Loopring only relies on zero knowledge cryptography and Ethereum.

Interested crypto investors can buy LRC on many exchanges such as Binance, eToro, OKEx, Bilaxy and Coinbase Pro. CoinMarketCap has ranked LRC at 65th place based on its present market capitalisation of US$792 million.

Related article: How to buy Loopring (LRC) token?

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