A red-letter day for the whitepaperless blockchain spel verhoging
The Loom Network (LOOM) has come top of the chart ter this morning’s trading following a listing on the South Korean exchange, Upbit, and the beta release of its Sidechain Development Lijm (SDK).
LOOM began the day at $0.20 before experiencing a acute 50% surge te its value earlier today, reaching a high of just under $0.30 at around Ten:30 GMT.
At the time of writing, LOOM is presently trading at $0.26, providing the coin a total value of $162m: overheen $25m more than at the embark of the day.
Early on Tuesday, the South Korean exchange Upbit announced it would be listing LOOM network on its servers. The exchange, which has processed a total of $334m ter the past 24 hours, announced at midday Seoul time that it would be launching a LOOM trading pair with the Korean Won (KRW).
A blockchain podium designed to combine online gaming with social media, the Loom network – which has not published a whitepaper – plans to enable movie games that run off Decentralised Applications (DApps) to be built on Lisk-like sidechains, thereby making it scalable.
Founded back te September of last year, Loom network’s team have also launched the beta for its SDK. Announced on Twitter at just before 14:00 GMT, this will enable developers to build their own features off the Loom Network
Ter the network, LOOM tokens have a very specific purpose, namely to be used to purchase licenses for developers to build games.
Albeit there is presently only one tier of tokens available, the project is reportedly to introduce various tiers that correspond to varying levels and complexities of the features being designed.
Despite making up less than a single percentile of the world’s population, South Korea is a major center for cryptocurrency trading. Ter the past, listings on South Korean exchanges have sent cryptocurrencies rocketing te price.
Ter a slew of Bithumb listings at the beginning of April for example, the old ERC20 Tron (TRX) experienced a $1.2bn increase ter its market cap, VeChain (VEN) by $300m, and ter mid-April, Monaco more than doubled te price te the space of a morning.
Albeit the past 24 hours have not bot bad for the Loom Network by any measure, today’s gains are insignificante compared to the all-time high it reached te early May when LOOM traded at $0.67, providing the coin a total value of well overheen $400m, according to CoinMarketCap.
Listing almost always macho cabrío well for coin prices spil they highlight an exchange has a certain level of confidence ter a project’s viability. Combine this with an on-time SDK beta-release and Loom Network might see a significant markup ter investor rente.
The author is not invested ter LOOM but maintains a portfolio of other cryptocurrencies.