Under-The-Radar Altcoin Soars Over 260% – Here’s Why

Christian Encila

Last Updated: June 11, 2024 10:36 am

3 mins read

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The Loom Network (LOOM), a multichain interoperability platform geared towards scaling high-performance decentralized applications (DApps), has surprised many with a 264% rally in just a month. Adding to the excitement, the renowned crypto exchange platform, Gate.io, has recently announced its decision to list the altcoin LOOM for trading.

As of the latest figures from CoinGecko, LOOM stands at a trading price of $0.145481, marking an impressive 28% rally within the past 24 hours and a 148% surge over the last seven days.

Gate.io Embraces Altcoin Momentum

The surge in the altcoin value also comes as a surprise given its pivotal role within the Loom Network’s ecosystem. LOOM tokens are not only the backbone of the Loom Network’s mainnet, Basechain, but also serve as the currency for developers looking to host their DApps on Basechain. Additionally, validators and delegators stake their LOOM tokens to bolster the network’s security.

Blockchain analytics platform Santiment, known for its sharp eye on market trends, has detected LOOM’s remarkable ascent. According to the latest report, LOOM’s price reached levels not seen since December 2021, briefly surpassing the $0.126 mark before a minor correction.

Notably, the ratio of LOOM tokens on exchanges has plummeted by 20.8% in the past five days, now standing at 14.9%. This reduction in circulating supply on exchanges hints at the possibility of an extended rally for LOOM, as demand continues to outpace the available token supply.

The Crypto Market’s Rapid Evolution

The altcoin market is a dynamic and ever-changing landscape, where even lesser-known projects can swiftly rise to prominence under the right conditions, leading to substantial gains for investors. A separate report describing LOOM’s remarkable rally has once again highlighted this phenomenon.

LOOM, alongside ImmutableX (IMX) and Frontier (FRONT), has emerged as one of the top-performing cryptocurrencies of the week. This surge in popularity aligns with the growing demand for new crypto wallet addresses being created within the network.

Bitcoin (BTC) is currently trading at $26.490. Chart: TradingView.com

Insights and Implications

As the crypto market continues to rise above expectaions, altcoins like LOOM are proving their mettle with significant price surges. The listing of LOOM on Gate.io signifies a growing recognition of the project’s potential. Price analysis suggests that LOOM’s rally may not be over, with strong indicators pointing toward further upward movement.

Altcoin enthusiasts and investors will undoubtedly keep a keen eye on LOOM’s performance in the coming weeks as the cryptocurrency market remains as unpredictable as ever.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.