Loopring (CRYPTO: LRC) is making significant gains in trading today. The cryptocurrency was up about 2,6% from the previous 24-hour period at 17:30 PM ET on Wednesday. Meanwhile, most major cryptocurrencies suffered a sell-off today, with market leaders Bitcoin and Ethereum down around 1,1% and 1,3%, respectively.
The organization posted and reposted messages on Twitter today announcing that it was now possible to move the LRC token from centralized exchanges to Loopring's Layer 2 platform and cryptocurrency wallets. One of the tweets announcing the update stated that the feature had been the most requested by the organization so far.
So what's going on
The announcement of Loopring's new versatility is helping push its cryptocurrency valuation higher, despite selling pressures impacting the broader cryptocurrency market. With the change, it is now possible to move the token from an exchange like Coinbase to a Loopring wallet. The feature comes thanks to the integration with LayerSwap, which allows cryptocurrencies to be moved from centralized exchanges to Layer 2 platforms on the Ethereum blockchain.
What will happen now?
Loopring has seen volatile trading in the past few months. Rumors that the organization could be bought by GameStop would have fueled explosive gains for the cryptocurrency in November, but subsequent indications that such a deal was unlikely to move forward prompted a dramatic pullback. Even after today's earnings, Loopring is still down around 27% in the past week of trading and around 68% from the high of life it hit at the peak of enthusiasm for a potential GameStop merger.
Loopring now has a market capitalization of approximately $ 1,58 billion, and ranks 71st of the largest cryptocurrencies by valuation. The lack of a deal with GameStop has clearly disappointed many investors, but the cryptocurrency still has other avenues of growth. As today's update shows, Loopring's platform is still evolving, and it's possible that its token price could rise substantially if the underlying cryptocurrency wallet and exchange services see greater adoption.
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