The price of Ethereum-based altcoin project Loom Network ($LOOM) has fallen nearly 60% from a peak of $0.41 seen earlier this month after the cryptocurrency’s price rallied over 290% over a 30-day period, partly over a listing on a popular cryptocurrency exchange.
According to available data the price of Loom Network’s native token LOOM was around $0.038 back in August, but surged to a $0.41 high this month after it started rallying, but has since fallen to currently trade at $0.168.
The cryptocurrency’s price started rallying after it received a liquidity boost from a recent listing at cryptocurrency exchange Gate.io, which regular sees 24-hour trading volumes above the $500 million mark, making it a major cryptocurrency trading platform.
In the listing, the exchange described LOOM as a “multichain interoperability platform — live in production — that’s connected to other major blockchains such as Ethereum, BNB Chain, and Tron.” Multichain interoperability essentials means that data and information can be transferred between the blockchains it supports seamlessly.
According to Coinbase, Loom Network is optimized to scale high-performance decentralized applications (DApps) that require a quick and smooth user experience. Additionally, the platform aims to enable DApps to deliver a user experience reminiscent of conventional apps, while seamlessly integrating new users without the obligatory use of cryptocurrency wallet software.
Central to the ecosystem is the LOOM token, which plays a pivotal role in securing its mainnet, dubbed Basechain It allows developers to, for example, pay for hosting their DApps on Basechain, while validators can stake their LOOM to protect the network.
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