Loom Network price goes parabolic as user growth spikes

Loom Network price went parabolic on Monday as demand for the coin jumped. The token rose by over 250% from the lowest level during the weekend. It was trading at $0.1463, which was the highest level since February 2022, giving it a market cap of over $123 million.

What is Loom Network and why is it rising?

Loom Network is a relatively small blockchain project that seeks to solve some of the challenges that developers face. It is a multichain interoperability platform that is connected to other popular blockchains like Tron, Ethereum, and BNB Smart Chain. 

As a result, developers can build applications in Loom Network and then deploy them automatically to these chains. By so doing, developers get access to a platform that has no gas fees for their users. It is also significantly fast, with less than three second-confirmation time.

Loom has been around for more than five years. It was launched in 2017 after the developers raised over $45.81 million in an initial coin offering (ICO). 



Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy LOOM with Binance today


Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy LOOM with Coinbase today

LOOM, which is based on Ethereum’s network, is a token and not a coin. It is the native token for the ecosystem that is used for governance purposes. 

It is unclear why the Loom Network price has made a strong bullish comeback recently. A possible reason is that the number of new addresses in the network has been growing. The number of new addresses rose to 37, which was the highest level in months. Similarly, the number of wallet addresses has risen to over 42k while the number of transactions has risen.

Loom Network price prediction

The daily chart shows that LOOM price has been in a strong bullish trend in the past few days. As it rose, the coin rose above the important resistance level at $0.074, which was the highest level since July this year. 

LOOM moved above the 25-day and 50-day moving averages while the awesome oscillator has moved above the neutral point. Volume has also risen sharply recently. Still, the coin will likely resume the downward trend as buyers start taking profits. If this happens, the next key support will be at $0.074.

All Dutch and English crypto news!

What Cardano’s Vasil hard fork means for the blockchain

After several delays and some setbacks, Cardano's long-awaited Vasil upgrade finally went live on Sept. 22. From the outside looking in, the hard fork is...

Cardano bulls run out of steam after Vasil hard fork — 40% ADA price crash in play

Cardano's (ADA) long-awaited Vasil update went live on Sept. 22, which promises to make its blockchain more scalable and cheaper than before. However, this has...

Terra (LUNA) oprichter Do Kwon wordt gezocht in 195 landen

Het wordt steeds moeilijker voor Do Kwon om zich schuil te houden. De oprichter van Terra (LUNA) wordt nu niet alleen in Zuid Korea, maar...

5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned

When Redditor Joe Greene started the Top 10 Cryptos experiment in 2018, he bought $1,000 of Dash, NEM and Iota, among others, only to watch...

Beste exchanges

Koop je crypto bij Bitvavo