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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.
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.