Loopring’s ERC20 LRC Token Soars on NEO-Based Token Airdrop

Loopring may be trading near its 2018 lows, but it’s currently enjoying a double-digit percentage gain in its ERC20-based LRC token. Loopring, which is behind a protocol for decentralized exchanges, is among the top ERC20 gainers in today’s market, having advanced 11% to $0.125 at last check on trading volume of approximately $3.5 million. But LRC remains a far cry from month-ago levels when it was trading at $0.274, not to mention early June levels of $0.544 or its January 2018 high of $2.12.

The Relative Strength Index (RSI) for Loopring hovers at a neutral rating of 42, while the MACD level, which reflects momentum, is bullish. Indeed,  Loopring appears to have momentum on its side, as evidenced by a 10% gain in the last week or so.

Source: CoinMarketCap

Loopring has issued separate tokens for the various networks on which it runs, including LRN, which is its NEO blockchain-based token. The NEO-based token has advanced a more modest 1.2% in the last 24 hours. Incidentally, Loopring is in the midst of an LRN airdrop, which will be directed to holders of the LRC token on Sept. 5 and which is serving as a catalyst for the gains in the ERC20 token.

To be eligible for the airdrop, investors must bind their Ethereum and NEO addresses. The airdrop ratio is “2 LRN per 100 LRC,” with a cap of 5,00 LRN. And investors must have completed a minimum of one trade using the Loopring protocol.

Loopring (LRC) Lows

A token giveaway is a great promotion for generating attention, but it’s going to take more than that to dig this coin out of its lows. Let’s run through some of the recent developments.

  • Sydney, Australia-based XBrick exchange on Twitter touted its support of the LRC/ETH trading pair, where the coin is currently up 5%.
  • There has been a flurry of activity surrounding blockchain projects building on the Loopring protocol, including Upblockchain, which is “launching a noncustodial Ethereum wallet [UpWallet] with built-in [Loopring] native DEX,” according to Upblockchain in a tweet. UpWallet is designed for P2P trading and “is built on top of [the] open-sourced loopr-ios app solution with a native Loopring DEX and a decentralized P2P trading feather via qr code sharing.”
Source: Twitter
  • AltDEX, which oversees cryptocurrency indices that are market-cap weighted, added Loopring’s LRC token to its top-100 index, according to Loopring Protocol creator Daniel Wang.
  • Over the last week, Loopring has bolstered its trading platform with the addition of a trio of altcoins — TUSD, TRUE and MOT.

Loopring is the N0. 88 cryptocurrency based on value and boasts a market cap of $71 million.

 

Featured image courtesy of Shutterstock

Author:
Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.