Loopring (LRC) has quietly pulled off one of the most successful altcoin rallies of the month.
At the time of writing, LRC is up over 755% over the last two weeks, according to CoinMarketCap.
LRC is the governance token of Loopring, an Ethereum-based software that aims to incentivize a user network to operate platforms that enable the creation of crypto exchanges. The project aims to allow developers to build exchanges on top of its network as an alternative to the high costs associated with decentralized exchanges (DEXes) that are built directly on Ethereum.
To do this, it utilizes zero-knowledge rollups, or zkRollups. Using zkRollups, Loopring claims that its exchanges will be able to settle trades faster and cheaper by completing key computations off the Ethereum network.
LRC’s parabolic rally appears to be based on a rumor that it has partnered with GameStop for a new non-fungible token (NFT) marketplace.
First reported by GameStop enthusiasts GMEdd.com, Loopring source code submitted on GitHub made reference to a “gameStopMeta” under a commit titled ‘NFT feature.’ This comes after GameStop posted a job requiring experience in “web3.0, blockchain gaming, and even an NFT marketplace.”
“On Tuesday, code was committed to the Loopring GitHub repository by Loopring developer W. Tang.
The amended code in the branch “NFT-DEV” under the GitHub commit titled ‘NFT feature‘ makes reference to “gameStopMeta” and an IPFS URL.
IPFS is a distributed system for storing and accessing files, websites, applications, and data. IPFS was noted to be used by GameStop previously during their first NFT project reveal.”
While there is no official announcement from either Loopring or GameStop, the markets don’t care. Following the spread of the rumor in late October, LRC took off from a starting price of around $0.38. It is now sitting $3.74 with no signs of slowing down as of yet.