One altcoin project has rallied more than 240% this month and secured a listing on a leading crypto exchange platform.
The Loom Network (LOOM) began trading in September at a low of $0.038 and rose to a high of $0.13 25 days later, an increase of 242%.
LOOM has since retreated somewhat and is trading at $0.11 at the time of writing.
Amid the strong performance, global crypto exchange Gate.io leads announced this week it listed LOOM for trading.
The Loom Network is a multichain interoperability platform intended for scaling high-performance decentralized applications (DApps).
The project has integrations into blockchain networks such as Bitcoin (BTC), Ethereum (ETH) and Tron (TRX).
LOOM is the token used to secure Loom Network’s main network, Basechain. Developers can also use the altcoin to pay for hosting their DApps on Basechain. Validators and delegators stake their LOOM tokens to protect the security of the network.
Blockchain analytics platform Santiment recently noted LOOM’s surge, saying the token may have more room to run based on various indicators.
“Loom Network’s price has reached its highest level since December 2021, reaching just above $0.126 before a mild correction. In fact, LOOM’s ratio on the stock markets has fallen by 20.8% to 14.9% over the past five days, indicating that this rally could be extended.”
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Generated image: Midjourney