Ethereum-Based Altcoin Quietly Pulls Off 242% Rally This Month Amid Support from Crypto Exchange Gate.io

One altcoin project has pulled off a more than 240% rally this month and secured a listing by a leading crypto exchange platform.

The Loom Network (LOOM) kicked off September trading at a low of $0.038 and 25 days later soared to a high of $0.13, a 242% percent increase.

LOOM has since retraced slightly and is trading for $0.11 at time of writing.

Amid the strong performance, leading global crypto exchange Gate.io announced this week it was listing LOOM for trading.

The Loom Network is a multichain interoperability platform intended for scaling high-performance decentralized applications (DApps).

The project has integrations into blockchain networks like Bitcoin (BTC), Ethereum (ETH) and Tron (TRX).

LOOM is the token used to secure Loom Network’s mainnet, Basechain. Developers can also use the altcoin to pay for hosting their DApps on Basechain. Validators and delegators stake their LOOM tokens to protect the security of the network.

Blockchain analytics platform Santiment recently noticed LOOM’s surge and says the token may have more room to run based on several indicators.

“The price of Loom Network has hit its highest level since December 2021, reaching just above $0.126 before a mild correction. The ratio of LOOM on exchanges has actually dropped 20.8% to 14.9% over the past five days, suggesting this rally could be extended.”

Source: Santiment/X

Generated Image: Midjourney

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