Binance Bounce for “Ethereum Saver” Loom Token as Price Surges 30%
The Loom Network token has jumped 30% in the ten hours following its listing on the world’s leading cryptocurrency exchange, Binance.
Having sat at around $0.31 in the hours leading up to the official announcement regarding its listing, the token is currently now trading at around $0.42 at the time of writing, a jump of just over 30%. The jump means that the token is now trading at around x8 on its original ICO price.
Solving Ethereum Scalability Issues
Loom is a project seeking to create a series of Dapp-specific off-chain transaction tools for applications which run on top of the Ethereum blockchain. The project is targeting solutions for both gaming and social network applications specifically .
The Loom SDK has been touted as a potential “Ethereum Saver”, given its ability to offer scalability to the world’s leading blockchain which has been confronted with the threat of increasing network congestion issues.
It is not the first time that the announcement of a token’s listing on Binance has resulted in a significant increase in its trading price. Whilst the Binance effect is a widely known phenomenon, some call into question the long-term viability of its impact.
Loom is now available for purchase against BTC, ETH and BNB trading pairs.