Today, Loop ring (CCC:LRC-USD) is in the spotlight after GameStop (NYSE:GME) announced that it would launch a non-fungible token market (NFT) later this year. The video game retailer also announced that it was close to signing deals with two undisclosed crypto companies, drawing attention to Loopring’s price predictions. These partnerships will see companies collaborate to design and invest in games that use blockchain and NFT technology. Crypto speculators believe that one of these companies is Loopring. At the time of writing, the LRC crypto is currently the 58th largest crypto based on its market capitalization of $ 2.27 billion.
Loopring is a blockchain-based project that works on Ethereum (CCC:ETH-USD) blockchain. Additionally, Loopring uses ZkRollup (“zk” stands for “zero knowledge”), which allows you to process multiple private transactions as one. The zkRollup process increases the speed of transactions and reduces costs. The Loopring team describes zkRollup as “the most secure escalation mechanism known to the industry, whereby users can access their assets in all circumstances.”
Additionally, in November it was reported that Loopring CEO Daniel Wang had moved 61.3 million LRC cryptocurrencies from layer 1 to layer 2. At the time, speculators believed that the crypto was transacted to provide support and Liquidity to GameStop’s NFT market. After a market confirmation today, it appears that the move could substantiate those suspicions.
With rumors of the possible partnership circulating, fans of the LRC crypto are wondering where it will go this year. Let’s dive in.
Loopring price predictions
- First, for Loopring’s price predictions, Coinpedia has a 2022 forecast of $ 7.50. However, that prediction hinges on Loopring signing a partnership with GameStop. Coinpedia it has a prediction of $ 4.50 if no partnership is signed between the two companies.
- CryptoNewsZ has an average price prediction for 2022 of $ 4.76 for LRC. Surprisingly, this prediction would represent a 178% rise from current prices. On the high and low end, LRC is expected to reach $ 5.66 at best and $ 4.23 at worst. Either way, CryptoNewsZ is optimistic about the prospects for this crypto.
- Wallet investor has a 2022 price prediction of $ 3.30. This prediction would imply a rise of 93%. What’s more, Wallet investor notes that sentiment around the LRC crypto has been extremely bearish for the past month.
- Digital currency has a 2022 price prediction of $ 2.40. This figure represents a 40% rise. Digital currency He made his price prediction using a proprietary algorithm that takes historical data into account.
As of the date of publication, Eddie Pan did not hold (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to the InvestorPlace.com Posting Guidelines.