Loopring (LRC) might make a move as the first crypto to completely erase bears’ impact as it receives help from one of the leading figures in the gaming markets.
GameStop Stops Loopring Bears
Loopring price took a massive hit with the overall market early this month. That had LRC losing approximately 51.7%. Nevertheless, broad market bullish cues plus GameStop using Loopring L2 to launch a custodial wallet saw LRC record the swiftest recovery following the slump. The altcoin climbed to $0.5739 before retracing.
L2 received significant support from investors within the last two weeks as the community maintained strong support while refraining from exiting or selling their holdings. Instead, they purchased more coins from exchanges, scooping 66 million Loopring tokens, worth approximately $41.7 million.
However, that does not imply investors didn’t panic. It is somewhat natural for crashing markets to scare cryptocurrency investors. Meanwhile, Loopring had its long-term investors panicking. Nevertheless, the latest investors kept their heads high. Moving LRC around saw investors consuming nearly 30B days, exploring highs never touched since August 2021.
Nevertheless, investors didn’t back out despite the crash-driven panic. Loopring saw more investors arriving after the slump than before. LRC network has received 6K addresses since May 9. The alternative token took more than one month to achieve such numbers earlier. As a result, Loopring addresses increase by 5K within two weeks after the 51% slump.
These figures might keep rising since LRC seems. Price indicators maintained the same direction, whereas the Relative Strength Index revealed bullish signals. As the alt closed beyond the BB’s basis line on May 23, the volatility might shift to bullish, provided the alt maintains the basis as a foothold.
Nevertheless, LRC declines following the sharp rise. Bears have dominated the marketplace today. Crypto prices plummeted as Bitcoin dropped to explore sub-$29K. While writing this content, BTC traded at $29,229, losing 3.68% within the past day. Also, the global crypto market capitalization lost 4% at the time to $1.26 trillion.
It might be interesting to witness what upcoming sessions would bring. LRC’s community might struggle to maintain the latest gains amid bearish markets.
