News

Loopring Price Up 26% After Vitalik’s Blog Post Mentions LRC

Loopring price is up over 26% today, making it the second biggest gainer on Crypto.com. With a 24 hour trading volume of $1.5 billion, the market is definitely excited about LRC this weekend. Let’s take a closer look at Loopring and LRC, and see why the price is rising.

What Is Loopring?

Just to make sure we’re all on the same page, Loopring is a layer-2 scaling solution for the Ethereum network. It allows for trading and payments to be performed on the Loopring network with much less fees. It provides the most secure, highest throughput, and lowest cost performance on the market.

LRC is the protocol token for the Loopring network, and it’s used to incentivize users to participate in the Loopring ecosystem.

Why Is Loopring Price Rising?

The latest news about Loopring come straight from Ethereum’s founder, Vitalik Buterin’s blog post, titled: “Why we need wide adoption of social recovery wallets.”

The post outlines the importance of social recovery options for cryptocurrency wallets, mentioning Loopring multiple times. Furthermore, Vitalik goes on to explain the technical details of how the Loopring wallet works in tandem with zkRollups.

There’s no doubt that Vitalik’s recent blog post is a big reason for Loopring’s bullish momentum today. After all, the amount of projects and coins that are dying to get a shoutout from Vitalik is in the thousands.

Related Post

Moreover, Vitalik’s blog post confirms that Loopring is the real deal, and their layer-2 solution is exactly what Ethereum needs in order to solve its high fees issues.

Is Loopring a Good Investment?

With a fully functional Layer 2 app, and support from Ethereum’s founder, Loopring looks like a great long-term hold for 2022. As Loopring continues adding more markets to their platform and as more users find out that you don’t have to pay ridiculous gas fees when trading on the Ethereum network, LRC can easily double in price by the end of the year.

Moreover, LRC is still trading at 74% of its all time high, meaning that there’s still quite a bit of potential for the price to continue its bullish run.

Disclosure: This is not trading or investment advice. Always do your own research before buying any cryptocurrency.

Follow us on twitter @themerklehash to stay up to date with the latest cryptocurrency news!

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev
Tags: Loopringlrc

Recent Posts

FOMO: Best Crypto to Buy Now— AurealOne is Merging Innovation with Investment Potential!!

The abbreviation Crypto refers to digital money which uses blockchain technology to operate as a…

1 day ago

Smart Money Targets Key Narratives: Accumulation Trends Highlight Growing Interests in Meme Coins, DeFi, and AI

A fresh round of investments over the last day shows high-net-worth individuals and institutional players…

2 days ago

Bitcoin Network Growth and Renewed Investor Confidence Signal Strong Market Fundamentals

The continued growth of Bitcoin is reflected in the rise of its holders, with the…

2 days ago

Ethereum Faces Record Selling Pressure, But Support Levels and Momentum Could Propel it Toward $800

In recent times, Ethereum has faced a lot of selling pressure, with the last three…

2 days ago

Crypto Trader Makes Millions in Profit with High-Leverage Trades on Hyperliquid

A prominent cryptocurrency trader is enjoying unprecedented success with high-leverage positions on the Hyperliquid platform,…

2 days ago

Donald Trump’s World Liberty Financial Persists In Making Substantial Maneuvers Within The Crypto Space

Donald Trump's World Liberty Financial (@worldlibertyfi) has once again made a significant move in the…

2 days ago