Loopring price prediction: Is a GameStop partnership on the horizon?

LRC forecasts are hopeful as a partnership with GameStop is under way

The Loopring logo in front of a price graph                                 
The LRC price surged last November after mentions of GameStop were found in its source code – Photo: Shutterstock
                                

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Loopring’s Ethereum protocol is buzzing right now as its increasing userbase correlates with the blockchain’s rising gas fees. There is even more hype around the platform as experts say the rumours of a GameStop partnership are closer than ever to being confirmed.

It is not surprising then that the price predictions for Loopring’s LRC token are hopeful. Before exploring the specifics, let’s look at why investors are flocking to the unique exchange protocol.

What is Loopring?

The goal of Loopring is to create the ultimate exchange, combining the successful elements of centralised and decentralised platforms. Loopring is hoping this will give its exchange unique advantages and will eliminate the inefficiencies associated with most decentralised platforms.

Centralised exchanges are managed by private companies that store users’ funds. These platforms match those buying assets with those wanting to sell. But the platforms are not without criticism,  the security risks and lack of transparency have created demand for a decentralised exchange.

Rather than holding the users’ funds, these platforms connect buy and sale orders on a public blockchain that is not managed by any centralised authority. As a result, these exchanges are less efficient than their centralised counterparts.

The Loopring protocol combines both by managing the orders using the centralised method and settling the trades on the blockchain. Loopring charges its users to use the platform in its LRC token. This is then given to liquidity providers and the developers.

Loopring’s price history

Loopring’s intial coin offering took place in August 2017 with its launching price at $0.11. However, it took until December 2019 for the protocol to launch on Ethereum.

Despite limited utility, the price did see a lot of movement in the first year. On the 9 January 2018, LRC had raced to $2.12. This came after Loopring had started implementing interoperability features. In January, Loopring had deployed its protocol and token on the Qtum mainnet.

LRC was unable to maintain the price and it plummeted below $1 in the following weeks, in line with the wider crypto market crash. The Loopring cryptocurrency did see another spike in late April after revealing it was opening its wallet titled Loopr for beta testing. Those who held over 1,000 LRC would be able to submit orders on the app. LRC price jumped to $1 on 29 April but subsequently fell again.

Over the following months, the LRC price had dropped below its launch price of $0.11 and struggled to get past it for the next two years.

Loopring started gaining traction again in June 2020 when it revealed plans to launch version 3.6 of its protocol. The new update planned on improving onboarding of users, transactions, among other upgrades. By July, LRC had climbed past its launch price.

It continued to grow and peaked at $0.26 on 17 September. This came after Coinbase listed the token on its platform. The exchange listed LRC for transferring only, but eventually made it fully available.

LRC fell in October to a low of $0.12, but it started picking up again in November. Loopring released its mobile wallet on 24 November, the same day the token peaked at $0.22. It said in a blog post: “It’s far from perfect on its first day, but the UX [user experience] of a blazing fast, super cheap, powerful Ethereum gateway in your pocket makes us ecstatic.”

2021 and beyond

Loopring started gaining more attention from investors at the beginning of 2021. As gas fees on Ethereum started increasing at the end of 2020, the number of unique wallets using Loopring was on the rise. This suggests a demand for an Ethereum trading protocol that had much lower fees.

The demand was strong in the first months of 2021, culminating in a peak of $0.82 on 13 February. The price did correct over the following days, but there were more bullish breakouts instore for the trading token.

Rumours started emerging in November that GameStop plans on using Loopring to build its NFT marketplace. Source code found in Loopring’s GitHub page suggested developers were building an NFT feature and it mentioned GameStop by name. As the rumour spread, the LRC price shot up, and reached an all-time high of $3.83 on 10 November.

The rumours and price died down following the November outbreak, with LRC dropping to $1.51 at the time of writing. The GameStop rumour was revitalised in January, however. Wccftech reported: “We have reason to believe that GameStop and Loopring are closer than ever to signing a formal partnership.” Citing a web3 job listing at GameStop as its reason, as the posting required the candidate to have knowledge of layer-2 Ethereum protocols.

Loopring price prediction

The LRC forecasts are looking hopeful, with many expecting it to reach new all-time highs in 2022. CoinPedia’s Loopring price prediction for 2022 is very bullish, expecting the protocol’s token to reach $7.50 if the GameStop partnership is confirmed. However, if it is just a rumour, it predicts Loopring to “flip well below $4.5”. CoinPedia does warn that LRC is subject to the wider crypto market volatility, but it has still given an Loopring price prediction for 2025 at $11.68.

WalletInvestor’s LRC price prediction is more reserved, but still optimistic. It describes the coin as an “awesome” investment and expects a steady climb. It predicts LRC to reach $2.66 by the end of this year and will race to $6 by the end of 2025.

A much slower price increase is forecasted by DigitalCoin, who thinks it will surpass $6 in 2029. Its shorter-term prediction estimates the coin to hit $2.11 in 2022 and $3.33 in 2025.

The most ambitious forecast is given by PricePrediction. It expects the protocol token to race from $2.31 in 2022 to $7.82 in 2025. Its Loopring price prediction for 2030 is a staggering $51.60.

Loopring offers a solution that is clearly in demand right now as Ethereum fees have skyrocketed in the past few months. But, if the Ethereum 2.0 upgrade reduces fees, the Loopring protocol may lose some its userbase.

The GameStop rumour has created a buzz around Loopring, however. A confirmed partnership could see a successful year for the protocol. Yet, any official recognition that is more than just a rumour remains to be seen.

FAQs

There is a circulating supply of 1.33 billion LRC, which is incredibly close to its total supply of 1.37 billion LRC.

It might be. There is a lot of buzz around Loopring after speculation of a GameStop partnership. CoinPedia expects the price of LRC to skyrocket to $7.50, but only if the rumour is confirmed. Remember, you should always do your own research before deciding to invest.

It could do. The consensus from LRC price predictions is for the price to increase over the coming years, the speed of which is debated however. While WalletInvestor expects it to reach $6 in 2025, DigitalCoin predicts it will only hit $3.33 by then. Remember, cryptocurrencies can be extremely volatile so never invest more than you can afford to lose.

It depends. Loopring has created an Ethereum protocol with a great demand and there is a hype for the protocol after a GameStop rumour. However, Loopring may not be relevant after the Ethereum update as fees could not be a problem on the blockchain. Also, there has not been any confirmation of the GameStop partnership. Remember, you should always do your own research before investing.

Further reading

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