Loopring has been experiencing good days showing a 60% price jump in the last 24 hours and being the top trading asset. There are many reasons behind this situation. One of the most important ones is the partnership of the project with the game giant Gamestop. Social activity is another important metric that drives these kinds of big price jumps.
Santiment tweeted about the current stats:
📈 #Loopring has been the top trending asset Tuesday, and is up 60% in the past 24 hours on continued optimism of a #Gamestop partnership. Social dominance remains high, and keep an eye on #Binance's $LRC funding rate, which can lead to liquidated #shorts. https://t.co/TrlvoL9DcI pic.twitter.com/hTPV8WD9II
— Santiment (@santimentfeed) November 2, 2021
“#Loopring has been the top trending asset Tuesday and is up 60% in the past 24 hours on continued optimism of a #Gamestop partnership. Social dominance remains high, and keep an eye on # Binance’s $LRC funding rate, which can lead to liquidated #shorts.
LRC token is currently ranked #1 in the list of AltRank in CoinMarketCap. There are about 3,263 tokens on this list. This ranking is the result of many factors and is somehow combined with social + market activity. When social interest is high for a token, a domino effect happens. People buy the token in the hope of more rewards, and demand rises continuously. It results in more price jumps that continue the domino effect.
As mentioned above, one of the important factors behind the current price jump and social interest in Loopring is the rumor of a partnership with Gamestop. Many people buy tokens because of rumors and create hype around them. There is actually a fact in the trading market that says, “buy the rumor, sell the news.” So, we can expect price dumps if the partnership with Gamestop becomes real news.
According to the late latest analysis by LunarCrush, the social volume for LRC is 7,402, and the social engagement has risen to 8,268,178.
With leading combined social + market activity, Loopring has hit the #1 AltRank™ out of the top 3,263 coins by market cap.
— LunarCrush 🟢 Social Intelligence for Crypto (@LunarCRUSH) November 3, 2021
Loopring is a zkRollup layer-two solution for trading and payment use cases. This service claims security, high throughput in payments, and low cost in transactions. The team is working hard to find new partnerships and also promote the services. There is a grant on its official website for content creators to make videos about this project on YouTube. The latest rumor was about a possible partnership between this project and an NFT platform that Gamestop is going to launch. The platform is called GME and can be a great mover behind future growth for Loopring. This partnership can result in more partnerships for the project and move the price even higher.
The rumor came after a developer found some clues in the source code of Loopring on GitHub. For now, even the rumor of the partnership has resulted in what is called the “Gamestop effect” and moved the price of LRC tokens considerably. The social activity around the project is increasing significantly, too. After all, we should wait for the final news and see if the uptrend continues for this token or not.