loop ring [LRC] Investors go Gaga by being the first…


Loopring wants to set an example with the help of one of the biggest names in the gaming industry, with the first token to completely eliminate the bear’s influence.

GameStop helps Loopring’s bears stop.

Loopring took a hit along with other markets, dropping 51.7% earlier this month, but thanks to bullish signals from the broader market and GameStop’s launch of Loopring L2 in-house storage wallet, LRC had the fastest recovery from this slump, rising 5.58% in the last 24 hours. It traded for $0.5739.(See Loopring price action image).

The biggest support for L2 comes as investors have maintained strong sentiment over the past two weeks and refrained from selling or exiting.

Instead, they bought more tokens on the exchange for 66 million LRC (worth around $41.7 million).

Loopring supply from the exchange | source: Santiment – ​​AMBCrypto

Not one of the investors was unconvinced. It is natural for investors to fear when the market starts to crash. In this regard, the LRC has seen long-term holders panic. But recent traders have nodded their heads.

Nearly 30 billion days were spent moving the LRC, the highest number Loopring has seen since August 2021.

Loopring LRC 23.36.32 23 May 2022

Loopring long-term holder | source: Santiment – ​​AMBCrypto

But despite fears of a crash, investors did not back down. In fact, Loopring noted that after the crash, more investors have arrived than before.

Since May 9, more than 6,000 addresses have joined the Loopring network, a figure that LRC previously took a month and a half to achieve.

ITB lrc total addresses 2022 05 23T18 05 22.127Z

loopring investor | source: Into the Block – AMBCrypto

Similarly, the total number of Looping wallets increased by over 5,000 in two weeks after a 51% decline.

Screenshot 2022 05 23 233524

loop ring wallet | source: Sand dunes – AMBCrypto

And as Loopring looks set to rally even further, we expect these numbers to continue rising. The price indicator pointed in the same direction as the relative strength indices suggesting a bullish signal.

As the LRC closes above the basis (red line) of the Bollinger Bands on May 23, this volatility is expected to strengthen as long as the altcoin holds the basis as support.

LRCUSD 2022 05 23 23 32 17

Loopring price action | Source: TradingView – AMBCrypto

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