Crypto: Loopring pumps again, now up 6x in two weeks, as BTC and Eth take a break
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Loopring just doesn’t know when to quit.
The layer 2 Ethereum scaling solution is up another 36 per cent this afternoon, and once again has been the biggest gainer among top 100 coins.
It’s climbed from the No. 129 crypto on October 24 to the No. 50 spot as of this afternoon, even though there’s still been no official confirmation of rumours that Gamestop will be using the platform to sell NFTs.
This afternoon Loopring tokens were changing hands for US$2.94, up from around US40c in late October.
Beautiful chart balanced volume and RSI. We are slowly accumulating new retail. If you build the apes will come 🦍 #Bullish #Loopring #LRC #stock #coin #Bitcoin #Ethereum #GME #Gamestop pic.twitter.com/Nzgoynndgk
— BullRunnner77 (@BullRunnner77) November 7, 2021
Loopring is a type of Ethereum scaling solution known as a “zk rollup,” a technology touted as being superior to the optimistic rollups used by Arbitrum One and Optimism.
Other projects using zk rollup technology are Starkware, zkSync, zkSwap, Aztec and Polygon Hermez.
All aim to effectively scale Ethereum until it adopts sharding sometime next year. The network has become so clogged that this afternoon a simple token transfer would cost around US$50, while a more complicated transaction would run a user about US$140.
Overall the crypto market was at US$2.89 trillion this afternoon (Sydney time), down 1.71 per cent from yesterday, as many large caps took a breather following yesterday’s record-setting day.
Bitcoin down 2.1 per cent to US$66,607, while Ethereum had fallen 2.0 per cent to US$4,715.
Most top 20 coins were down by three or four per cent, although Avalanche had gained 3.8 per cent to US$93 and Litecoin had risen 9.7 per cent to US$265.
Behind Loopring, Kadena was the next-biggest gainer in the top 100, climbing 23.7 per cent to US$21.95.
Livepeer had risen by nearly 20 per cent and ZCash was up 13 per cent.
On the flip side, the Crypto.com Coin was down 9.9 per cent, Basic Attention Token had fallen 9.0 per cent and Fantom had dropped 8.4 per cent.
Catecoin, the No. 240 crypto, was the biggest coin to hit an all-time high today, according to Coingolive. It’s a cat-themed memecoin in the Solana ecosystem.