Is the Loom Network a Good Investment? – Cryptopolitan

LOOM Price Prediction 2023-2032

Loom CEO Joe Thomas explained that the second round of layoffs on October 20 affected “the sales-led side” of the company,  23 of its 219 staff members. Despite having 14 million users across 200,000 companies in the same release, Loom had to reorganize for further growth. How have these series of layoffs affected LOOM prices and LOOM Price Prediction?

The Loom Network is a somewhat exciting project that competes to become the top Ethereum-based platform for creating social games and apps. The crucial concern at the moment is how the Merge will affect Loom Price Prediction.

On the Loom Network, several developers have already created their game dApps. Although this has broadened network acceptance, it hasn’t yet resulted in greater demand for their LOOM token.

For professional dApp developers, Loom Network (LOOM) has emerged as a production-ready, multichain interoperable platform. The platform provides developers with the information and resources they need to create and distribute high-performance decentralized apps. Additionally, it provides the technology necessary for these dApps to offer a quick and smooth user experience across several chains.

If you are looking for virtual currencies with good returns, LOOM can be a bad, high-risk 1-year investment option, thus we heard these comments from the grapevine. What’s the future for the 2021 unicorn Loom Network?

How much is LOOM worth?

Today’s Loom Network price is $0.066661 with a 24-hour trading volume of $21,390,574. Loom Network is down 0.10% in the last 24 hours. The current CoinMarketCap ranking is #341, with a live market cap of $75,489,014 USD. It has a circulating supply of 1,132,425,698 LOOM coins and the max. supply is not available.

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What is Loom?

The Loom Network is a Platform-as-a-Service (PaaS) network built on Ethereum with an SDK geared at creating massively multiplayer, decentralized social games and apps. On the Ethereum mainnet, Loom DAppChains are parallel sidechains connected to smart contracts. The Loom Network’s exclusive ERC-20 membership token, the LOOM token, grants access to DAppChains.

Video games now lead the battle to integrate blockchain and cryptocurrencies into current technological platforms. Crypto collectibles and games are among the top dApps operating on the Ethereum network, drawing much interest from crypto businesses and users in the $80 billion gaming sector.

On Ethereum, Decentraland (MANA) offers a virtual reality (VR) environment with comparable objectives. The rivalry in gaming is intense, as you might expect.

With its 4+ billion users, social media is keeping up, and cryptocurrencies like Steem (STEEM), Reddcoin (RDD), and even Dogecoin (DOGE) are bridging any gaps that may exist.

The potential rewards of serving these big markets are enormous, and developers are jumping on board. The Loom Network is already home to CryptoZombies, Zombie Battleground, What is Blockchain, EthFiddle, EthDeploy, SolidityX, and DelegateCall. It is also compatible with Plasma.

Over 50 people make up the Loom Network team, and its growth is promising. But in video games and on social media, survival depends on more than that.

Speed and Scalability on Ethereum

Any decentralized blockchain network depends on how quickly data can be sent. The network must have the speed and ability to handle an ever-increasing volume of transactions easily since it will enable tamper-resistant and transparent record keeping.

Due to the manner that most blockchains have been constructed, security has come before speed and scalability, which has caused problems for almost all of the current blockchain networks.

The Loom Network’s technology was designed to solve these performance and scalability problems. They think that by offering more processing power, lower prices, and network architecture that can support an unlimited number of transactions, they can encourage developers to create new DAapps and smart contracts.

Developers would be able to leverage third-party APIs that aren’t even on the blockchain in one such use scenario. To include 2-factor authentication into a DApp, a developer might connect to Google Authenticator.

When used this way, the blockchain becomes a repository for user data. There is no possibility of servers being shut down by a centralized authority because it is a decentralized network. As a result, a valid form of digital democracy will be created, with the community having the last say on any DApps operating on the blockchain.

The Loom Network Team

The staff is not mentioned on the Loom Network website. However, 35 of its workers are listed on LinkedIn, where they do have a presence. James Duffy is the Loom Network’s Chief Marketing Officer, while co-founder Matthew Campbell is still the project’s CEO.

Loom isn’t trying to hide its team members; instead, it just isn’t focusing on them, preferring to let the project’s progress speak for itself. The Ventures, a Chinese venture capital organization, previously provided $25 million in investment to The Loom Network, which has its headquarters in Bangkok, Thailand.

What’s next for Loom?

The principal Loom network, PlasmaChain, will aim to become “one of the most frequently utilized blockchains in existence” through interoperability, which is the team’s lofty goal. They anticipate that PlasmaChain will serve as a node connecting other blockchains, including Ethereum, Cosmos, EOS, and Tron. They have already prepared to connect with these well-known blockchain networks and position PlasmaChain as their hub.

Blockchain pioneer Ethereum created a framework for smart contracts that could host and assist the creation of decentralized apps. Scalability issues were evident once Crypto Kitties and other dApps froze the network.

Loom Network, along with Plasma and Sharding, is only one method for reducing Ethereum’s traffic. Like these other blockchain 3.0 options, Loom Network portrays itself as EOS on Ethereum and uses sidechain support and interoperability to address congestion and scalability challenges. Imagine it as analogous to the old-fashioned looms formerly used to make carpets and blankets.

The Loom SDK supports the Ethereum Virtual Machine, and sidechains may be created using any consensus algorithm and set of rules. Additionally supported are karma, tipping, non-fungible currencies, and other blockchain-based standards.

The dApps now available in the Loom ecosystem cover many topics, despite the company’s claims that it is centered on social and games. The dApps created thus far on the Loom Network are listed below:

• DelegateCall – A Stack Overflow with tipping, the website rewards users for posting and answering questions about blockchain programming.
• SolidityX – This superset makes Solidity easier for developers to implement and deploy.
• CryptoZombies – Create your collectible blockchain-based collectible using CryptoZombies Origins: What is Blockchain? Then battle your CryptoZombies in the Zombie Battleground.
• EthDeploy – A blockchain-based analog to Amazon Web Services (AWS) platform to test and deploy commercial-scale dApps.
• EthFiddle – Over 10,000 users share snippets of Solidity code for public testing, compiling, and usage.

Loom Network and the dApps it supports are separate platforms that may communicate with one another and the Ethereum mainnet. Any of these networks need at least 1 LOOM to be staked in a linked wallet to transfer value between them.

Each LOOM currency’s history is recorded in the digital ledger maintained by Loom Network; therefore, selling your staked coin might jeopardize your game progress and dApp data. Before moving staked amounts out of your wallet, make sure you have gone through the Loom Network and individual dApp instructions thoroughly.

Buying & Storing LOOM

A vast number of exchanges, including Binance, offer the LOOM coin. The LATOKEN exchange has the highest trading volume. However, the Bilaxy exchange also sees significant transaction activity.

Although the LOOM token is listed on each of these exchanges, I did find the order books’ generally low levels of turnover to be a little unsettling. This may reduce the token’s liquidity, making it more challenging to carry out larger block orders.

LOOM may be kept in any ERC-20 compliant wallet because it is an ERC-20 token. Additionally, it supports BEP-2 wallets if converted, and LOOM is supported by both the ledger and the Trezor hardware wallets. The team has also now made available a native LOOM wallet that can be used to store LOOM.

Loom Price History

The Loom Network’s smart contracts and dApps are powered by the LOOM token. It has been connected with Binance Chain and is an ERC-20 token that can also be used as a BEP-2 token. LOOM is not yet intended to become a native token.

Users may now stake their LOOM tokens to get a share of the network fees generated by the validating nodes as this past February when LOOM staking went live. According to the most recent data, LOOM owners can stake their LOOM to earn up to 20% yearly. The LOOM team’s main objective is to maintain valuable staking to raise the overall LOOM.

The team behind LOOM is also unique because there has never been a public ICO. The team instead conducted a private investment round in January 2018 and raised $45,810,000 by selling 750 million LOOM tokens for $0.076 apiece.

On May 4, 2018, LOOM reached an all-time high of $0.774454; however, it has since dropped significantly from that level. The LOOM token dropped to an all-time low of $0.026082 on August 18, 2019.

Loom Technical Analysis

Loom’s price analysis is positive. Taking into account that the price rose as high as $0.06686 today. Thanks to the bulls, the price function has effectively drawn a thin downward trend line over the past 24 hours. The price did lower to a low of $0.06569 earlier today because of the strong downtrend line, but the bulls are able to keep the price up, and it is now trading at $0.06627.

The fact that the price of Loom has stabilized around $0.06771 implies that investors are bullish about the future of the cryptocurrency. In order to lift the price further higher and make a profit on their investment, the bulls are already striving to surpass the $0.06351 resistance level, according to the Bollinger Bands.

As the Relative Strength Index (RSI) loops about the overbought area near the 50.41 level, there is no longer a discernible trend direction.

Loom Price Prediction by Cryptopolitan

According to our Loom price prediction, at the end of 2023, Loom will likely sell for a maximum price of $0.54, according to our pricing prediction. The coin will increase in value and reach $3.86, which is a five-year high. Loom has promising prospects and promise in the future. Loom is expected to continue rising in value until 2032, when its greatest price will be $16.51.

LOOM Price Prediction 2023

Our Loom price prediction for 2023 will attain trade as high as $0.54. Additionally, we project $0.49 as the minimum price and $0.48 average price.

LOOM Price Prediction 2024

Our Loom price prediction for 2024, Loom, is expected to attain a maximum price value of $0.85 by the end of the year. The Loom network coin forecast suggests the average price to be $0.74 while the minimum forecast price is $0.72.

LOOM Price Prediction 2025

Our Loom price prediction for 2025 demonstrates that a maximum price of $1.25 is anticipated for the price to conclude the year. According to our forecasts, the price of Loom fluctuates between a minimum of $1.03 and an average of $1.07 per coin.

LOOM Price Prediction 2026

Our Loom price prediction for 2026 shows that Solana will attain a maximum price value of $1.8. Although the price increases from the previous year, the coin will have to experience a minimum price of $1.47 and an average trading price of $1.51.

LOOM Price Prediction 2027

Our Loom price prediction for 2027 suggests a minimum value of $2.2. The Loom Network price could reach a maximum value of $2.53, with an average trading price of $2.28 throughout 2027.

LOOM Price Prediction 2028

Our Loom price prediction for 2028 suggests a minimum price of $3.35. The Loom price can reach a maximum price of $3.86 with an average value of $3.44.

LOOM Price Prediction 2029

Our Loom price prediction for 2029 is a maximum value of $5.84. We expect the average price to be around $5.1 and a minimum value of $4.96 for the same year. 

LOOM Price Prediction 2030

Our Loom price prediction for 2030 is anticipated to reach a high price of $8.51. The minimum price of the coin by 2030 is expected to be $6.85. The average trading price of the coin is forecasted to be $7.06.

LOOM Price Prediction 2031

Our Loom price prediction for 2031 states that the loom price range will hit a maximum base price of $11.87. We expect the digital coin to continue its bullish run from the previous year while keeping a minimum and average price of $9.42 and $9.77 respectively.

LOOM Price Prediction 2032

Our Loom Price prediction for 2032 shows that the LOOM token prices will increase from their current price. We expect to see the coin reach a minimum price of $13.98 with an average price of $14.47 and hit a high of $16.51.

Loom Price Prediction by Coincodex

Coincodex most recent Loom Network price forecast is that by April 21, 2023, the value of Loom Network will have decreased by -9.14% and will be equal to $ 0.060677. Coincodex technical indicators indicate that the market is currently bullish, and the Fear & Greed Index is currently reading 68 (Greed). 

In the previous 30 days, Loom Network experienced 4.07% price volatility and 16/30 (53%) green days. Coincodex Loom Network forecast indicates that the moment is right to buy Loom Network. The best-case scenario for the price of LOOM in 2026 is $ 1.192344 if it grows at the same rate as Facebook. If Loom Network followed the expansion of the Internet, the forecast for 2026 would be $0.0136781 per year.

Loom Price Prediction by DigitalCoinPrice

DigitalCoinPrice most recent Loom Network price forecast is that by the end of 2025, the value of Loom Network will have increased by 248.26% and will be $0.24. While all technical indicators point to a bullish current attitude, the worry & Greed Index is currently reading 26.49, which indicates excessive worry. According to DigitalCoinPrice Loom Network forecast, the time is ideal to buy Loom Network.

Loom Network’s value rose by 119.26% by April, when it was close to $0.15. The fear & greed index shows 26.49 extremely high fears, and all indicators are in the bullish zone. The 200-day SMA will soon decline, and by the end of December, the price will reach $0.0530, according to all technical indicators. The short-term 50-Day SMA for Loom Network indicates a $0.0654 by December 2023, 2024.

Loom Price Prediction by Industry Influencers

According to AJFIVE, a cryptocurrency analyst on YouTube, Loom will keep growing and have a bull run before hitting new highs towards the end of the year. In the interim, as we wait for the next bullrun, he thinks 2023 will be a fantastic year for accumulation. By the end of the year, the coin’s value may potentially gain to a high price of $0.065 to 7 cents, according to AJFIVE.

LOOM NETWORK PRICE PREDICTION! LOOM NETWORK CRYPTO HUGE PRICE PUMP! LOOM NETWORK COIN FORECAST 2023

Famous crypto youtube influence Cryptosterone believes that the price of loom has a great chance of going to new heights. Other experts and businesses, analysts believe that the price of Loom will rise up to $3.01 in 2030.

Loom Network Price Prediction For 2022 – 2025 – 2030

Conclusion

The Loom Network runs on Plasma, which is a scaling solution that allows for faster transactions throughout the network. The goal of LOOM is to allow application developers to have smart contracts that can access much more computing power when it is required, or maintain the same power at lower costs.

Loom makes scaling decentralized applications faster and easier on the Ethereum network and uses the DPoS sidechains for scalability with DApps through the security of Ethereum mainnet. With the Merge, we can expect more improvement in transactions. The LOOM token acts as a membership token that each member receives in order to get access to all of the apps that run on the Loom Network itself. 

While some analysts believe the coin’s value will rise in the future, others believe it will fall. It is critical to remember that projections, especially long-term projections, should be viewed as indicators rather than conclusions.  Sometime in June 2022, Loom laid off 34 employees, or 14% of its total staff, sources say, impacting product and people operations. But then, these layoffs are helping build in what was described as a more sustainable way moving forward. Another round of layoffs happened in October.

That growth has attracted $203 million in known venture capital funding, with the company most recently announcing a Series C led by Andreessen Horowitz. The same round valued the company at $1.53 billion, making it hit unicorn status for the first time. Kleiner Perkins, Sequoia, Coatue and General Catalyst are also investors in the company.

Please keep in mind that cryptocurrency is a highly volatile market and can be unpredictable. It’s always a good idea to do your own research and consult with a financial advisor before making any investment decisions. Diversify your portfolio and do not invest more than you can afford to lose. It’s also a good idea to stay up to date on any developments or changes within the Loom Network environment that could impact its value.