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- While the whole crypto sector is seeing some rebound on Tuesday after previous couple of days’ plunge, one crypto asset is luring a lot of attention.
- Loopring Dex has attained an impressive milestone during first quarter. Some achievements involve $4.6 Billion in L2 trading volume.
- At the time of this writing, Loopring’s LRC token was trading at a market value of $1.01, bullish by 8.27% in previous 24 hours.
Loopring Playing On Higher Trading Volume
While entire digital asset market is witnessing some rebound on Tuesday after a couple of days’ slump, Loopring is out there grabbing a plethora of attention. LRC trading volume surged by 93% to $297 Million.
As this article was being written, LRC was thriving at a market value of $1.01, up by 8.27%, with a market cap equaling $1.39 Billion. The indigenous token of Loopring, a free protocol made by Daniel Wang for developing decentralized cryptocurrency exchanges, has surged by 51% during previous year.
Traders on social media platforms are asserting that Loopring has offered a breakout with robust trading volumes. And if it manages to sustain over $0.95, then it can possibly witness higher levels.
What’s The Reason Behind Loopring’s Boost?
In 1st quarter, Loopring stated that its DEX had attained amazing milestones involving $4.6 Billion in L2 sales volume from more than 65,000 accounts layer 2 accounts and 30,000 Loopring smart wallets. In first quarter alone, organization included 12,000 smart wallets.
The decentralized exchange released its dynamic NFTs, touted as Loopheads, which shifted their brain size and moods based on price shifts of Loopring tokens, for members of its community, enabling them to mint NFTs within a Dollar.
However, specialists think that upcoming development – zkEVM – will likely unveil more utility of LRC Token and intensify its bullish case. Back in 3rd quarter 2021, Loopring made an announcement that it was developing a latest zkEVM, that is touted as a solution to zkRollups as majority of dApps or smart contracts cannot operate on zkRollup chains at present.
Loopring stated that, it is escalating its existence in metaverse sector by developing a much larger and more operational HQ in Decentraland. The organization thinks that this new sector will enable more folks to join it in metaverse for meetings, games, concerts and much more.
On top of this, there are more developments being conducted on Loopring, leading to a bull run for LRC tokens.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
