Loom Network Jumps 526% in a Month, Tops Gainers List Amid Increased Trading Volume

The Loom Network token (LOOM) is topping the chart as the most profitable cryptocurrency in the market today after maintaining a sustained growth in its trading volume.

The Loom Network’s native token, LOOM, is quickly commanding prominence because of its current price action. As the best-performing crypto asset, LOOM is up 30.9% to $0.2733. With the price surge, the token’s market capitalization is now up 30% to $333.8 million.

The Loom Network Trigger

Loom Network is on a sustained growth course. Over the past month, LOOM has jumped by more than 526%. This impressive uptrend has helped pare off the losses it has accrued since attaining its All-Time High (ATH) of $0.7745 in May 2018.

While there is no striking trigger for this recent rally, the trading activity on the South Korean trading platform Upbit has been flagged. Notably, the LOOM/KRW pair Upbit accounts for about $360 million, or 53.8% of the token’s entire volume.

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This trend indicates that South Korean investors have begun showing interest in the token. This growing interest translates to increasing demand, contributing to the buying pressure on the asset.

Available market data shows that over $670.8 million have been traded overnight on spot exchange. This figure represents a 179% growth rate. As shared by Colin Wu, investors have also traded $2 billion in LOOM futures over the past 24 hours.

Historically, the price action of LOOM in the past month is the first significant breakout from a consolidation phase that has extended from around December 2021 to date.

The reasons for LOOM rise are unclear, but LOOM is on a parabolic run after it was listed on LBANK futures earlier this week. With Binance also joining the bandwagon, the hype around the token has become quite elevated.

The Age of Gaming Tokens?

Loom Network began as a gaming protocol. However, the project has since pivoted to accommodate more use cases. Building protocols with a high propensity of attracting active users to Web3 is a major trend today, and many projects are focusing on the gaming niche.

A number of these gaming protocols are now emerging on mainstream blockchain that can accelerate their growth. From the Play-to-Mint NFT game launch on the XRPL to the growing revival in Theta Network, these gaming protocols are taking the spotlight now.

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• Source: https://thecryptobasic.com/2023/10/13/loom-network-jumps-526-in-a-month-tops-gainers-list-amid-increased-trading-volume/?utm_source=rss&utm_medium=rss&utm_campaign=loom-network-jumps-526-in-a-month-tops-gainers-list-amid-increased-trading-volume