Loopring (LRC) is one of the leading gainers, following an over 27% surge within the past week. That came as most large-cap cryptos traded in constricted ranges. The rally emerges amidst a vital Loopring development, but the altcoin seems on the verge of more uptrend because of the massive milestones observed this week.
The latest announcement shows Loopring overtook $5 billion in L2 trading volume. The report emerged one day after Gamestop’s crypto wallet launch on the Loopring L2. Meanwhile, LRC saw attractive rally days leading to the announcement, staying in the green over the past five successive days.
Can the Milestone Bolster Extended Bullishness?
The latest trading volume record represents a crucial achievement for the Loopring network. Such a milestone provided market players insights into the platform adoption, and Loopring seems to enjoy massive growth.
While publishing this content, LRC changed hands at $0.58, representing an over 80% increase from the May 12 low. However, significant accumulative over the past couple of days underpinned Loopring’s rally.
The Relative Strength index approaches the neutral level, where the indicator might witness some resistance. That means a high possibility of LRC experiencing hurdles around the RSI’s neutral region.
Loopring On-Chain Metrics
Loopring’s supply distribution confirms a substantial increase in crypto addresses with 10K to 10 million tokens. They surged from 2,172 addresses on May 11 to May 25 at 2,440. Nevertheless, wallets with over 10 million assets noted a slump to 22 from 25 crypto addresses during the timeframe.
Also, the balance on wallets metric shows fascinating stats backing the recent performance. Addresses with more than 10 million LRCs plummeted from 35.78% on May 13 to 35% by May 25. That means the wallets slightly trimmed their holdings.
Meanwhile, the category with 1 million to 10 million added their holdings to 35% from 31.35% between May 11 and May 25, affirming substantial accumulation aiding the ongoing rally.
Loopring’s supply metrics elaborate bullish price movements within the past couple of days and currently support further upside. Nevertheless, the narrative doesn’t account for rapid market shifts that might change the tides.
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