In April 2021, as the cryptocurrency market entered a bullish phase, the token reached a periodic high of $0.2605. LOOM sank to an all-time low of $0.007666 on 13 March 2020. The absolute nadir came on 13 March 2020, when the prospect of Covid-19 lockdowns saw markets across the board drop. After this, though, the newly-minted crypto could not withstand the market forces of the so-called crypto winter and it fell below $0.10 in November and stayed there for the next two years or so. It was good news for early investors, with the token moving up to reach an all-time high of $0.7745 on. When LOOM first came onto the open market in April 2022, it was worth $0.08949. While past performance should never be taken as an indication of future results, knowing what the token has done in the past can give us some much-needed context when it comes to either interpreting a Loom Network price prediction or making one of our own. It’s now time to cast our eyes over LOOM’s price history.
Loom Network price history from launch to present You might see references to the LOOM coin or a Loom Network coin price prediction but these are, technically speaking, incorrect. LOOM first came onto the open market the following year after a private initial coin offering ( ICO) which raised $45.81m out of a target of $57m.īecause the Loom Network platform is, ultimately, based on the Ethereum blockchain, this means that LOOM is not a coin but, rather, a token.
Loom Network was founded in 2017 by developers Matthew Campbell, who is based in Bangkok, Luke Zhang and James Martin Duffy. The crypto can also be bought, sold and traded on exchanges. This token is designed to be used to pay to host dApps on the platform, while it can also be staked in return for rewards. Loom Network also claims to be able to integrate assets in a cross-chain manner, meaning that people can use the likes of Bitcoin ( BTC) on the platform, which is based on something called the Loom Network Basechain.Įvery blockchain-based application needs to have its own native token and Loom Network has the conveniently named Loom Network crypto, also known by its ticker, LOOM.
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The network says would-be users do not have to download crypto wallets in order to access the dApps, which could bring in people who otherwise would not be interested in blockchain technology. The system also aims to make those blockchain-based apps more transparent and more like the programs that computer and phone users make use of every day, thus helping bring both crypto and the blockchain a little more into the mainstream. This system is designed to work alongside the Ethereum ( ETH) blockchain and help make it easier for people to create decentralised applications ( dApps). One potential solution to this problem comes in the form of the Loom Network. Therefore, developers are looking for a way to ensure their programs and transactions can maintain speed. Not only does this make carrying out activity on a blockchain slower, it also means that buying and selling can potentially be more expensive. This means that if the markets start to get busier, transactions slow down. The idea is that many blockchains work better when there is less activity on them. One of the main issues when it comes to the world of blockchain technology in general and cryptocurrency in particular is that of scalability. Let’s find out more, and take a look at some of the Loom Network price predictions that were being made as of 12 September 2022, too. The Loom Network was set up to create programs that anyone can access, and LOOM is its native currency. LOOM wants to help people use dApps without crypto – Photo: Kuklos / Shutterstock
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