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Santiment Experts Saw Signs Of Potential Loopring Price Dump Due To Altcoin Inflow To Crypto Exchanges
Loopring (LRC) investors are actively withdrawing their reserves to cryptocurrency exchanges as the local support level is fixed. Santiment analysts reported this in their blog. According to the published data, the influx of LRC to crypto exchanges continues even though the altcoin has remained at the support level.
The current activity is radically different from the picture of November this year. For example, in the past, investors “leaked” LRC to exchanges every time the price of an altcoin rallied. Now there is no rally, but Santiment is still recording an influx of LRCs.
This, analysts say, could signal two scenarios:
- Someone is actively engaged in market making;
- Investors are looking forward to the LRC rally in which they will sell off their reserves.
The editors previously wrote that the reason for the active sale of the LRC could be the loss of hopes for a partnership between Loopring and the American retail chain for the sale of game consoles GameStop. Recall that in early November, rumors about GameStop’s partnership with Loopring began to spread on thematic Internet forums.
It was reported that the cryptocurrency project is developing a non-fungible token (NFT) marketplace for an American company. However, GameStop did not officially comment on the rumors. The company did not confirm, but also did not deny reports about the development of its own service for the crypto market.
During the same period, the LRC price managed to grow almost 6 times from $ 0.55 to $ 3.83. At the time of this writing, the altcoin price in the LRC / USD pair is $ 2.35, which is 38% below the all-time high. On an annual basis, the LRC price is up nearly 1360%.
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