Loopring is about to set an example as the first token to completely eliminate the impact of the bears with the help of one of the biggest names in the gaming industry.
GameStop helps Loopring’s bears stop
Loopring took a hit along with the rest of the market early this month when it fell by 51.7%, but with the help of bullish cues from the broader market and GameStop’s launch of its self-custodial wallet on the Loopring L2, LRC managed to make the quickest recovery from this slump and was trading at $0.5739, up by 5.58% over the last 24-hours.(ref. Loopring Price Action Image).
The most considerable support to the L2 came from its investors in the last two weeks as they kept their sentiments strong and refrained from selling or exiting.
Instead, they bought more tokens from the exchanges to the tune of 66 million LRC, worth about $41.7 million.
Loopring supply on exchanges | Source: Santiment – AMBCrypto
It wasn’t that none of the investors panicked. Well, it’s quite natural for investors to get frightened when the market starts crashing. In this regard, LRC saw its long-term holders panicking. However, the recent traders held their heads high.
As they moved their LRC around, they also consumed almost 30 billion days in the process, the highest Loopring has witnessed since August 2021.
Loopring long term holders | Source: Santiment – AMBCrypto
However, despite the panic concerning the crash, investors did not back out. In fact, Loopring noted the arrival of more investors after the crash than it did before.
Since 9 May, over 6k addresses have joined the Loopring network, a figure that LRC earlier took a month and a half to achieve.
Loopring investors | Source: Intotheblock – AMBCrypto
Similarly, the total number of Looping wallets shot up by more than 5k in the span of two weeks post the 51% decline.
Loopring wallets | Source: Dune – AMBCrypto
And, since Loopring looks poised to rally much farther, these figures are expected to continue rising. Price indicators pointed in the same direction as the Relative Strength Index hinted at a bullish signal.
As LRC closed above the Bollinger Bands’ basis (red line) on 23 May, the volatility is expected to be bullish this time around as long as the altcoin keeps the basis as support.
Loopring price action | Source: TradingView – AMBCrypto
