GameStop Effect? Why Loopring (LRC) Crypto Is Going Up Today

Loopring (CRYPTO: LRC) soared 43.27% to $0.82 over 24 hours early Monday morning.

What’s Moving? The Ethereum (CRYPTO: ETH) Layer 2 token has shot up 90.66% over a seven-day trailing period.

LRC rose 43.48% against Bitcoin (CRYPTO: BTC) and 44.71% against ETH over 24 hours.

LRC has a market cap of $1.07 billion, which puts it at the ninety-ninth spot on the list of the largest cryptocurrencies as arranged by CoinMarketCap.

Since the year began, LRC has shot up 361.47%. The token reached an all-time high of $2.59 in January 2018. At press time, it traded 68.69% below that level.

See Also: How To Buy Loopring (LRC)

Why Is It Moving? Loopring saw high interest among retail investors at press time. It was the top trending ticker on Stocktwits.

A leak in Loopring GitHub public repository apparently indicates a  possible partnership deal with GameStop Corporation (NYSE:GME) for a non-fungible marketplace, as per an article on GameStop Due Diligence, a website focused on the company.

In end-October, it was reported that higher Ethereum gas prices could soar further, which is likely to benefit Layer 2 coins. Loopring has been tweeting on that phenomenon as well. 

Prices rising often means L1 fees rising
Shield yourself on #Layer2

https://t.co/bm84uPTTVF  pic.twitter.com/Mw81jraYai

— Loopring (@loopringorg) October 20, 2021

The average Ethereum transaction fee has risen from $23.79 to $47.88 between Oct. 1 and Nov. 1, a spike of 101.26%.

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