In a surprising turn of events, Loom Network (LOOM) has catapulted to price levels not witnessed since December 2021. The price surge took LOOM just above the $0.126 mark, exhibiting a staggering 145% increase in just one week.
This remarkable development follows a tweet by Santiment highlighting LOOM’s resurgence and a curious twist in exchange data. Despite the significant price rally, the ratio of $LOOM tokens on exchanges has seen an unexpected 20.8% decrease over the past five days, now resting at 14.9%. This unusual statistic has caught the attention of crypto enthusiasts and analysts, fueling speculation that this rally may have further room to grow.
🥳 The price of @loomnetwork has hit its highest level since Dec, 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 5 days, suggesting this rally could be extended. https://t.co/0tXRKVDWLC pic.twitter.com/W9nffJhefO
— Santiment (@santimentfeed) September 26, 2023
The resurgence of Loom Network can be primarily attributed to the prevailing bullish sentiment enveloping the broader cryptocurrency market. Over the past week, cryptocurrencies, including LOOM, have experienced an impressive upswing in both price and network activities, with LOOM being a standout performer amidst the digital currency landscape.
To appreciate the significance of LOOM’s recent price surge, it’s essential to revisit the token’s turbulent journey over the past year. After reaching an impressive high of $0.2605 in April 2021, LOOM, like the broader market, faced a bearish summer, with its value plummeting to a low of $0.04078 in June.
However, the latter part of the year brought renewed hope, especially as non-fungible tokens (NFTs) gained significant traction. LOOM managed to break through the $0.10 threshold by late August, culminating in a rally to $0.1777 on September 17, 2021.
Despite some ups and downs, LOOM achieved a notable high of $0.1882 on November 21, 2021. However, it closed the year at $0.08578. Challenges persisted as it dropped to $0.06132 on February 24, 2022, driven by Russia’s invasion of Ukraine. The depegging of the UST stablecoin and subsequent market turmoil further dragged LOOM down to $0.03642 on May 12, 2022.
Hopes for a swift recovery were short-lived, and LOOM found itself at $0.03153 on June 15, 2022. Yet, a turning point arrived on August 25, 2022, when the news broke that LOOM would be listed on the Binance (BNB) exchange. This announcement propelled the token to an intraday high of $0.06635.
LOOM is currently valued at $0.122379, reflecting a slight decrease of 2.66% in the last 24 hours and an astonishing 143.92% surge in the past week. While the market capitalization remains undisclosed due to unreported circulating supply figures, one thing is clear: Loom Network has staged an impressive comeback. The cryptocurrency community now watches with keen interest, eager to witness how high LOOM can ascend in this ever-evolving and dynamic market.
