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HomeNFT NewsLoopring (LRC), price rises by 50% following GameStop NFT Marketplace integration

Loopring (LRC), price rises by 50% following GameStop NFT Marketplace integration

Meeting multiple needs within the cryptocurrency community can help a project stand out from the rest and attract new users and liquidity to the ecosystem.

Loopring is a blockchain-based solution that allows investors and developers to transact with low fees. To provide fast, low-cost transactions, the layer-2 (L2) scaling solution uses zk-Rollups. This project gained momentum throughout March.

Data from Cointelegraph Markets Pro and TradingView shows that the price of LRC gained 57% between March 21 and March 23. Its cost increased from $0. 78 to $1. 23 amid a spike in its 24-hour trading volume to $2. 75 billion.

LRC/USDT 4-hour chart. Source: TradingView

Three developments that have helped spark the reversal in the price for Loopring (LRC) include the beta launch of the GameStop NFT marketplace on the Loopring network, the inflow of new users and a rapidly expanding NFT ecosystem.

GameStop selects Loopring for its upcoming NFT Marketplace

The most significant and recent development that helped to drive the increase in demand for LRC was the March 23 announcement that GameStop has integrated the beta version of its NFT marketplace with the Loopring network.

— Loopring (@loopringorg) March 23, 2022

GameStop reported that Loopring was chosen to host its NFT market because of its ability to mint NFTs at a fraction the cost of Ethereum. The average fee is less than $1.

Beta customers can explore the marketplace and deposit funds to prepare for the full launch of the platform, which is expected in the near future.

Surging user growth

A second factor putting wind in the sails of LRC has been the surge in new users in the Loopring ecosystem as evidenced by the record-high number of wallets joining the network.

Total number of Loopring wallets. Source: Dune Analytics

According to data from Dune Analytics, the wallet count of the Loopring network has increased from 6,498 on Oct. 30, 2021, to an all-time high of 27,092 on March 25 as the GameStop announcement helped initiate a new of wave users. The recent release of the Loopring Smart Wallet has helped to onboard new users and wallets within the ecosystem. It allows you to create NFTs and retrieve a account lost via social recovery and Guardians.

Related: GameStop stock up on rumors of Microsoft NFT game partnership

An expanding ecosystem

A third factor helping to boost the outlook of LRC is the overall growth of its ecosystem which includes an NFT community that has already seen more than one million NFTs minted.

— Loopring (@loopringorg) March 18, 2022

Further evidence of its growth can be found looking at the daily volume traded on Loopring, which experienced a significant spike in activity following the March 23 GameStop announcement.

Loopring volume traded per pair per day. Source: Dune Analytics

VORTECS(tm) data from Cointelegraph Markets Pro began to detect a bullish outlook for LRC on March 20, prior to the recent price rise. The VORTECS(tm), exclusive to Cointelegraph is an algorithmic analysis of historical and current market conditions. It uses a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.

VORTECS(tm) Score (green) vs. LRC price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS(tm) Score for LRC climbed into the green zone on March 19 and proceeded to hit a high of 88 on March 20, around 40 hours before the price increased 57% over the next two days. The views and opinions expressed in this article are those of the author only and do not necessarily reflect the views or opinions of Cointelegraph.com. You should do your research before making any investment or trading decision.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!


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