Loom Network Explodes 50% in 24 Hours

Amid the general bloodletting of the last couple of days, at least one coin has managed to achieve some upward momentum.

Loom Network (LOOM) jumped from $0.198 to 0.299 earlier today, which amounts to a 50.01% growth, to be precise.

That was earlier this morning. Right now LOOM tokens are priced at $0.275 – marking a net growth of 36.26% since this morning.

This growth is completely contrary to LOOM’s monthly trend, which saw LOOM tokens steadily decline in value throughout the month of May, after reaching an all-time peak of $0.75 on May 5th.

It’s notable that LOOM’s 24 hour trading volumes have just completely shrivelled up and withered away – going from $160,000,000 at the beginning of May, to just over $5,000,000 yesterday.

Loom only launched a few months ago, and has already cracked the market cap Top-100, standing at 70th place currently. The Ethereum-based platform acts as a one-stop shop for hosting web apps, such as games and social media sites.

The reason for its sudden growth should hardly be a surprise.

Listed on Upbit

LOOM was listed on the Upbit exchange yesterday, and its positive effects can be seen in the sudden surge in value.

In the past 24 hours the LOOM/KRW trades on Upbit are more than double the trades on Binance – with $51,228,200 completely eclipsing the $21,318,500 LOOM/BTC trades.

Those trade volumes are the highest LOOM has reached in over a month, and investors will ber encouraged by another recent announcement made by the Loom Network team – their Software Development Kit.

Loom SDK-Beta

Loom laid out their roadmap a couple of months ago and promised the delivery of a beta product by June. Now, within the first half of the month, they’ve delivered.

If the crypto world has taught us anything, it’s that good news is money. Just watch how the little green numbers start to shoot up whenever a team launch a beta, or a CEO takes to Twitter to extol the virtues of his product to a hoard of adoring investors.

At the same time, investors are attracted by teams that deliver on their promises. Loom Network have only been in the game for a matter of months, but already they’ve showed they can set realistic targets and meet them.

Loom Network has charted a strong, somewhat steady rise since their launch earlier this year. Starting from a price of around $0.06 in March, one LOOM token now sits at a price of $0.25 – a 316% rise in value in just under three months.

If readings were taken at the start of May, we would be talking about a 1150% growth instead; as LOOM peaked at $0.75. How long it will be before LOOM hits those heights again is anyone’s guess, but the Upbit listing certainly won’t do any harm.

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.