Ethereum-Based Altcoin Surges 242% with Listing on Gate.io
The Loom Network (LOOM), an Ethereum-based altcoin, has experienced a significant rally this month, soaring by over 240%. Starting the month at $0.038, LOOM reached a high of $0.13 in just 25 days. Although it has since retraced slightly and is currently trading at $0.11, its strong performance has caught the attention of leading crypto exchange Gate.io.
Gate.io recently announced that it will be listing LOOM for trading on its platform. The Loom Network is a multichain interoperability platform designed to scale high-performance decentralized applications (DApps). It has integrations with popular blockchain networks such as Bitcoin, Ethereum, and Tron.
LOOM serves as the token used to secure Loom Network’s mainnet, Basechain. Developers can also use LOOM to pay for hosting their DApps on Basechain. Validators and delegators stake their LOOM tokens to ensure the network’s security.
Santiment, a blockchain analytics platform, believes that LOOM may have further room to grow based on various indicators. The platform noted that LOOM’s price recently reached its highest level since December 2021 and highlighted a decrease in the ratio of LOOM on exchanges over the past five days.
Hot Take: LOOM’s Rally Signals Growing Interest in Ethereum-Based Altcoins
The surge in the price of LOOM and its listing on Gate.io demonstrate the increasing interest in Ethereum-based altcoins. As investors seek alternative opportunities within the crypto market, projects like the Loom Network offer unique features and potential for growth. With its multichain interoperability and integrations with major blockchain networks, LOOM provides developers and users with flexibility and scalability for their decentralized applications. The ongoing rally of LOOM indicates a growing demand for such projects and suggests that Ethereum-based altcoins may continue to gain traction in the market.
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