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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    Experience to Earn: Everdome’s Metaverse Frontier

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    CryptoPunks and Pudgy Penguins Draw Major Sales

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

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    how NFTs became a global brand and a Web3 “social currency”

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    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Labubus have succeeded in every way that NFTs have failed

    Labubus have succeeded in every way that NFTs have failed

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    CryptoPunks Floor Price Hits 3-Year High of $208,000

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    Cracking China’s Blockchain Gaming Market: Why Shrapnel Chose GalaChain

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    Shrapnel to Leave Avalanche in New Partnership with Gala Games

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    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

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    Blockchain Bookmakers: A New Era of Fair and Secure

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

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    Early Off the Grid Skin Holders Are Cashing In – Will You?

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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Home Altcoins

As Loom Network surpasses Bitcoin, these concerns rise

October 16, 2023
in Altcoins
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As Loom Network surpasses Bitcoin, these concerns rise
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  • LOOM surpassed Bitcoin in trading activity for a brief period of time.
  • The sudden burst in value sparked concerns about market manipulation.

Loom Network [LOOM] blasted off to its highest market value in more than five years, as investors grappling with the bear market scrambled to get their hands on the cryptocurrency.


Is your portfolio green? Check out the LOOM Profit Calculator

READ ALSO

CryptoGames now supports Tether (USDT) for deposits and announces partnership with Bitinvestor

Toncoin heats up: What does $398M in trading volume indicate?


LOOM logged a meteoric rise of 746% over the past month, beating competitors to emerge as the best performing asset in the market, data from CoinMarketCap revealed. The crypto was also the highest gainer in the last 24 hours, with gains of nearly 10%.

In fact, as per a recent post by on-chain analyst Maartunn, LOOM even eclipsed the world’s largest crypto by market cap, Bitcoin [BTC], in trading activity for a brief time period on 15 October.

The trading volume for $LOOM surpasses that of $BTC 🤯 pic.twitter.com/iYI8plcMKe

— Maartunn (@JA_Maartun) October 15, 2023

 

LOOM wakes up from slumber

Loom Network is a layer-2 scaling solution launched in September 2018. Built on the delegated proof-of-stake (PoS) mechanism, the project supports Ethereum [ETH], Binance chain [BNB], and Tron [TRX].

The native token LOOM is an ERC-20 token, used for securing the network and as hosting fees for decentralized applications (dApps).

However, the project has been off the boil in recent years, with nothing significant to boast about in terms of ecosystem developments. Even the 2021 bull market didn’t launch the token to the highs that one would have expected.

Source: CoinMarketCap

Something fishy going on?

Apparently, the project’s official page on social platform X (formerly Twitter) did not provide any updates on a feature addition or a technological development, both of which are thought to be catalysts for assets in the industry.

See also  These Altcoins Are Set To Inject Billions Into The Crypto Market By May

Hence, it could be assumed that market forces were solely responsible for LOOM’s recent movements. But then, the sudden burst in value sparked concerns about market manipulation.

A Bitcoin investor, going by the pseudonym TheWignus on X, alleged that the recent pumps in prices of certain cryptos, including LOOM, were not organic. However, they didn’t provide any evidence to back the claim.

Sudden #PUMPs or Manipulation are happening on this #assets with over 50-100% rose in the 48H. 🚀💸#OOKI#ALPACA#LOOM#BOND#TRB#GFT#LQTY#UFT#RPL#PNT

— TheWignus (@TheWignus) October 15, 2023

Schemes like pump-and-dumps have been fairly common, not just in crypto markets but traditional finance as well. It happens when a person or group starts to artificially inflate the price of an asset by disseminating positive news around it.


Read Loom Network’s [LOOM] Price Prediction 2023-24


Once unsuspecting investors are lured in and the price is sufficiently “pumped,” the holders start dumping their assets at profits. This sends the price of the asset tumbling, and new investors are stuck with a low-value asset.

Therefore, traders were advised to tread with caution and factor in different aspects before they decide to put their money into soaring assets. Remember to DYOR.



Source link

Tags: BitcoinconcernsLOOMnetworkrisesurpasses

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