Loopring (CRYPTO: LRC) has shot up over 630% in the past 30 days, outpacing the gains of Shiba Inu (CRYPTO: SHIB), Dogecoin (CRYPTO: DOGE), and Ethereum (CRYPTO: ETH) combined.
What’s Moving? LRC, which runs on Ethereum, is a Layer 2 solution for trading and payments. It has shot up 638% in the past 30 days.
In comparison, SHIB, DOGE, and ETH have gained 102.12%, 33.5%, and 15.18% respectively in the same time frame.
LRC touched yet another all-time high of $3 on Tuesday. At press time, early Wednesday morning, it traded 6.05% below that level at $2.80.
Over the last 24-hours, the coin shot up 28.08%. For the week, it has gained 91.38%. LRC’s year-to-date gains stand at 1520.34%.
See Also: How To Buy Loopring (LRC)
Why Is It Moving? LRC soared even as major cryptocurrencies took a breather earlier on Tuesday. At press time, the global cryptocurrency market cap fell 2.05% to $2.88 trillion over 24 hours.
LRC was one of the top 10 mentions on Twitter, as per Cointrendz data. The coin was mentioned in 1,184 tweets.
The highest mentioned coins were Bitcoin and Cardano, which attracted 5,073 and 3,201 tweets, respectively.
LRC also saw high interest by retail investors at press time and was trending on Stocktwits.
Loopring, which was launched at the end of 2019, has gone through several versions and is the world’s first zkRollup on mainnet, as per its Chief Technology Officer Steve Guo.
The latest version “supports NFTs for minting, transfers, and trading on Layer-2, which can reduce the overall gas cost,” as per a speech by Guo made at a live event hosted by Shenzhen Nanshan Blockchain Technology Application Association in September.
Notably, the Ethereum transaction fee has risen from $1.463 to $56.48 in the span of one year, an increase of 3760.56%, as per BitInfoCharts. Part of this increase has been fueled by a buzz in non fungible tokens or NFTs.
LRC has benefited from the NFT buzz, especially after a leak in the Loopring GitHub repository indicated a possible deal with the video game retailer GameStop Corporation (NYSE:GME) for a non-fungible marketplace.
Meanwhile, a high Relative Strength Index of 85 shows that LRC is under increased buying pressure which outweighs selling pressure, wrote Benzinga’s Tyler Bundy earlier in the week.
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