Loom Network (LOOM): strong fundamentals, exchange listing fuel a 242% rally

September 28, 2023 07:45 PM AEST | By Invezz
Follow us on Google News:

In the fast-paced world of cryptocurrencies, few projects have managed to capture the attention of traders and investors like Loom Network (LOOM) has in recent days. The Ethereum-based altcoin kicked off the month of September trading at just $0.038 per token.

However, in a mere 25 days, it has experienced a meteoric rise, reaching an impressive high of $0.13. This represents an astounding 242% increase in value. But what is driving the Loom Network price surge, and is it sustainable?

Loom Network price chart

Strong fundamental backing

At the heart of LOOM’s rally lies a robust foundation. It is a multi-chain interoperability platform designed to revolutionize the world of decentralized applications (DApps). Unlike many other tokens that rely solely on market sentiment, LOOM’s value is deeply intertwined with its utility.

The utility of LOOM extends far beyond speculative trading. It serves as the backbone for securing Loom Network’s mainnet, Basechain.

Developers also leverage LOOM tokens to pay for hosting their DApps on Basechain, creating a symbiotic relationship between the token and the platform. Validators and delegators play their part by staking LOOM tokens, fortifying the network’s security.

Loom Network (LOOM) token listing on Gate.io

Another pivotal moment in LOOM’s recent surge was its listing on Gate.io, a prominent global crypto exchange.

Exchange listings provide increased liquidity and accessibility, making it easier for traders and investors to engage with the asset. Gate.io’s decision to list Loom Network (LOOM) undoubtedly contributed to the coin’s heightened visibility.

Notably, LOOM’s price reached levels not seen since December 2021, briefly surpassing $0.126 before experiencing a minor correction. On September 26, Santiment highlighted a decrease in the ratio of LOOM on exchanges, indicating the possibility of an extended rally.

However, while the surge of Loom Network’s native token, LOOM, seems not to be merely a speculative pump-and-dump scenario, caution is advised with any cryptocurrency investment, given the inherent volatility of the market.

The post Loom Network (LOOM): strong fundamentals, exchange listing fuel a 242% rally appeared first on Invezz.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK