An altcoin project has achieved a surge of over 240% this month and secured a listing by a leading cryptocurrency exchange platform. Loom Network (LOOM) started September trading below $0.038 and rose to $0.13 within 25 days, marking a 242% increase.
Rising Trend in LOOM!
The altcoin LOOM, which attracted attention with its rise, has slightly retraced since then and is currently trading at $0.11 at the time of writing. Amidst this strong performance, the leading global cryptocurrency exchange, Gate.io, announced that it has listed LOOM for trading activity this week.
Loom Network is a multi-chain interoperability platform that aims to scale high-performance decentralized applications (DApps). The project has integrations with blockchain networks such as Bitcoin (BTC), Ethereum (ETH), and Tron (TRX).
Furthermore, LOOM is the token used to secure Loom Network’s mainnet, Basechain. Developers can also use the altcoin to host their DApps on Basechain. Validators and delegators stake LOOM tokens to maintain the network’s security.
Critical Report from Santiment!
Leading blockchain analytics platform Santiment recently noticed the rise of LOOM and suggested that the token may have more room for growth based on various metrics. The analytical company stated the following:
The price of Loom Network reached its highest level since December 2021, peaking just above $0.126 before a slight correction. LOOM’s exchange rate has dropped from 20.8% to 14.9% in the last five days. This indicates that this rally could be extended.
In conclusion, Loom Network had an impressive surge in September, rising from $0.038 to $0.13. This strong performance led to its listing by the global cryptocurrency exchange Gate.io, attracting more attention. LOOM aims to scale decentralized applications, and analytical platforms suggest that the rally could continue.
