The LOOT crypto has a total supply of only 40,000 tokens and its circulating supply is 25,121 tokens.
The crypto is the native cryptocurrency of NFTLootBox, which was launched in November 2020.
The LOOT token has surged by about 363 per cent in the last 30 days.
The overall cryptocurrency market was trading in the green on Wednesday, September 15, with Bitcoin rising by about three per cent, at the time of writing. Meanwhile, alternative cryptocurrencies to Bitcoin -- Binance Coin, XRP and Dogecoin -- also recorded price surges in the last 24 hours.
In Canada, one alternative cryptocurrency that gained the attention of potential investors was the LOOT crypto as it surged by about 11 per cent in the last 24 hours. Priced at US$ 192.26 per token, LOOT crypto's market cap has surged by 10.6 per cent to US$ 4.3 million.
What is the LOOT crypto?
The LOOT crypto is the native cryptocurrency of NFTLootBox, which was launched in November 2020 and it is a non-fungible token (NFT) farming platform. NFTs have become popular since the past year and more projects are expected to attract crypto enthusiasts.
NFTLootBox combines the decentralized finance (DeFi) infrastructure, NFT, and Loot Box Technology to make NFT farming fairer. According to the project's website, NFT farming is not fair at the moment and has the potential for unethical behavior.
This platform's innovative technology enables users to stake the LOOT token and earn coins. The LOOT crypto can be used to open NFT Loot Boxes which consists of a variety of NFTs, of which some are produced in-house and some are from popular NFT artists and projects.
NFTLootBox claims to be a fairer platform for NFTs where every user has a chance to get valuable and rare NFTs.
LOOT has a total supply of only 40,000 tokens and its circulating supply is 25,121 tokens. The token allocation of this cryptocurrency is that 10,000 team and unsold tokens will remain locked for a year, 17,000 tokens were sold during the presale and 8,000 LOOT tokens were reserved for marketing and development. The remaining tokens have been added to Uniswap and will remain locked for a year.
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LOOT crypto price movement and prediction
According to CoinGecko, the LOOT crypto has surged by about 363 per cent in the last 30 days and declined by 36 per cent since the past week.
On September 6, the cryptocurrency had clocked an all-time high of US$ 627.1 apiece and it has remained highly volatile ever since then.
If the LOOT token continues the bullish momentum of today for the remainder of this year, the virtual currency could go up to US$ 260 per token by the end of December 2021.
The cryptocurrency market is infamous for its volatility, and one should be careful while investing in cryptocurrencies. It is important to study about the blockchain technology, its functioning and the potential of the cryptocurrency associated with a particular project.