Experts named the altcoin of the Ethereum blockchain, which grew by 334% in a month

Editor’s note: not financial advice!

Cryptocurrency analysts have drawn attention to one altcoin that has grown by more than 330% this month and has been listed on a leading cryptocurrency exchange. Loom Network (LOOM) started September trading at a low of $ 0.038 and 25 days later soared to a high of $ 0.13, up 334%.

At the time of writing, LOOM is trading at $ 0.16. Amid the strong performance, the world’s leading cryptocurrency exchange Gate. io announced this week that it has listed LOOM for trading.

Loom Network is a multi-chain platform designed to scale high-performance decentralized applications (DApps). The project has integration with such blockchain networks as Bitcoin, Ethereum, and Tron (TRX). LOOM is a token used to secure the main Loom Network, the Basechain. Developers can also use altcoin to pay for hosting their DApps on the Basechain.

Blockchain analytics platform Santiment recently noticed the growth of LOOM. Experts emphasized that the token may have more room for development based on several indicators. «Loom Network’s price reached its highest level since December 2021, reaching just over $ 0.12 before a slight correction. The LOOM ratio on the exchanges has actually fallen from 20.8% to 14.9% over the past five days, indicating that this rally may continue,» Santiment said.

Just a few days ago, analysts drew attention to the Wall Street Memes (WSM) token, which managed to grow by 110% in just 5 hours. Numerous traders and investors have been vigorously discussing the prospects for the new meme token’s value growth. Many experts noted that the price of the crypto asset could increase dozens or even hundreds of times. Their expectations were related to the fact that the development of the digital currency was carried out by experienced programmers with extensive experience in launching large projects.