The 1000 largest Ethereum whales are trading LRC, the token of the decentralized exchange Loopring. Loopring is a decentralized exchange (DEX) built on the zkRollup Ethereum Layer-2 (L2) solution. It has both Automatic Market Maker (AMM) based and order-book based exchanges.
Loopring's performance is sufficient for professional traders and market makers to deploy algorithmic strategies and other automated trading bots. This was not previously possible on any DEX as it was prohibitively slow and expensive. By building on top of Loopring 3.0, orderbook-based DEXs can be commercially viable for the first time. Loopring expects non-custodial exchanges can begin to outcompete and displace many centralized counterparts.
According to CoinGecko data; Loopring price is $1.21 today with a 24-hour trading volume of $351,182,041. The price is down -11.3% in the last 24 hours. The LRC has lost 20% in the last 7 days. There is a 1.2 Billion LRC coin supply in circulation, with a total supply of 1.37 Billion coins. Binance is currently the most active market where this is traded.
According to WhaleStats data, LRC ranks 9th in the ranking of the most purchased tokens in the last 24 hours. ETH, HEX, USDT, stETH, SAND and BUSD are in the first places.
Whales Keep Most FTT in Their Wallets
According to WhaleStats data, Ethereum whales hold the most FTX Tokens (FTT) in their wallets, apart from Ethereum. It is followed by Shiba Inu (SHIB), USDT, USDC, OKB, BEST, MATIC, CRO, MANA and FTM.
GameStop-Loopring Rumors Have Not Yet Materialized
LRC enjoyed a remarkable rally back in early November amid rumors of a potential partnership with GameStop. GameStop has reportedly launched a division which will develop an NFT marketplace, but no information about Loopring’s potential role has emerged.
It looks that traders are losing patience and are not ready to wait for catalysts. LRC, which touched highs near $4.15 in November, has firmly settled below $1.50 and is moving towards the $1.00 level.
The recent increase in Treasury yields and the general pullback in crypto markets served as additional bearish catalysts for LRC as traders moved funds out of riskier assets.
Loopring bulls should watch Bitcoin dynamics closely, as a successful test of the current support level at $42,600 could push Bitcoin towards the psychologically important $40,000 level, which may lead to a strong sell-off in crypto markets.