The Loom Network (LOOM), a multichain interoperability platform focused on scaling high-performance decentralized applications (DApps), has surprised many with a 264% rally in just a month. Adding to the excitement, renowned crypto exchange platform Gate.io recently announced its decision to launch the altcoin LOOM.
According to the latest figures from Coin geckoLOOM is trading at $0.145481, marking an impressive 28% rally in the past 24 hours and a 148% increase in the past seven days.
Gate.io embraces Altcoin momentum
The increase in altcoin value also comes as a surprise, given its crucial role within the Loom Network ecosystem. LOOM tokens not only form the backbone of the Loom Network’s mainnet, Basechain, but also serve as a currency for developers looking to host their DApps on Basechain. Additionally, validators and delegators stake their LOOM tokens to strengthen the security of the network.
Blockchain analytics platform Santiment, known for its keen eye on market trends, has discovered the remarkable rise of LOOM. According to the final reportLOOM’s price reached levels not seen since December 2021, briefly surpassing the $0.126 mark before staging a minor correction.
Notably, the ratio of LOOM tokens on exchanges has fallen by 20.8% over the past five days and now stands at 14.9%. This reduction in circulating supply on exchanges signals the possibility of an extended rally for LOOM as demand continues to outpace available token supply.
The rapid evolution of the crypto market
The altcoin market is a dynamic and ever-changing landscape, where even lesser-known projects can quickly gain fame under the right circumstances, leading to significant profits for investors. A separate report describes The remarkable rally of LOOM has once again brought attention to this phenomenon.
LOOM, alongside ImmutableX (IMX) and Frontier (FRONT), has emerged as one of the best performing cryptocurrencies of the week. This rise in popularity corresponds to the growing demand for new crypto wallet addresses being created within the network.
Bitcoin (BTC) is currently trading at $26.490. Chart: TradingView.com
Insights and implications
As the crypto market continues to rise beyond expectations, altcoins like LOOM are proving their mettle with significant price increases. The mention of LOOM on Gate.io represents a growing recognition of the project’s potential. Price analysis suggests LOOM’s rally may not be over yet, with strong indicators pointing to further upside.
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Altcoin enthusiasts and investors will no doubt be keeping a close eye on LOOM’s performance in the coming weeks as the cryptocurrency market remains as unpredictable as ever.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from iStock
