Loopring (LRC) down 7%, investors await a 3-day weekend pump


Loopring (LRC), the ERC-20 token, is down 7% as the investors await a price surge caused by a 3-day weekend pump. The cryptocurrency traded at $1.47, down 7.30% in the last 24-hours.  

Loopring (LRC) is an Ethereum token that allows anyone to build non-custodial, order book-based exchanges on ETH. It describes itself as an open-sourced, audited, and non-custodial exchange protocol.   

With a market capitalization of $2.0 billion and a trading volume of $156.4 million in the last 24-hours, the crypto sunk along with the other cryptocurrencies. Under extreme fear of the crypto future, the crypto market has been plunging after a good trading day on Wednesday.   

Loopring’s trading volume fell by 28.26% in the last 24-hours, while its circulating supply stood at 1.3 billion LRC, 97% of the total supply. The typical hold time for cryptocurrency is 27 days.   

Loopring has achieved an all-time high of $3.83, which the token reached on November 10.   

The token has been plunging this week, going down by around 20% in the last seven days. Loopring has fallen by 19.81% this week and trades at $1.47 while falling by 29.66% in the previous month.  

However, Loopring has surged around 264% in the last year, mainly making the surge in November. The crypto market has been down after November, and Loopring, too, could not overrun the bearish trend.   

However, the token has risen a little in the last hour, increasing the investors’ expectations. The investors expect the crypto market to rise ahead of the 3-day weekend, hoping for better performance.   

Recently, Loopring released its Q4 earnings for FY 2021 and gave an account of a slew of new launches and milestones for 2021.  

Loopring prioritized launching various services in the fourth quarter of FY 2021. Loopring Smart Wallet with social recovery and a brand-new web app experience for Loopring L2 were new product launches. They added NFT support and upgraded their AMM on the protocol side, which aided Loopring’s overall growth. 

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