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.
Today’s Loom Network price is $0.062592 with a 24-hour trading volume of $232,138,484. Loom Network is down 31.81% in the last 24 hours. The current CoinMarketCap ranking is #278, with a live market cap of $81,369,338. It has a circulating supply of 1,300,000,000 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 price analysis for September 14, 2022, reveals the market following a complete bullish movement, obtaining massive negative momentum, signifying a decline for the LOOM market. The price of Loom has remained negative over the past few hours. Today, the price crashed and went from $0.1 to $0.06. However, the market started to increase in value soon after and regained most of its value. Moreover, Loom has increased and reached $0.07, which is the current price of Loom. Loom shows a reasonable market cap and is expected to increase soon.
Loom price analysis reveals the market’s volatility following a decreasing movement, which means that the price of Loom is becoming less prone to experience variable change on either extreme. The Bollinger’s band’s upper limit is $0.08, serving as LOOM’s most robust resistance. Conversely, the lower limit of Bollinger’s band is $0.02, which is the most substantial support for LOOM.
The LOOM/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. Moreover, the market’s trend seems to have shown bullish dynamics in the last few days. As a result, the market has decided on a positive approach. However, yesterday the market crossed the moving average, the market started closing its volatility, and the price started moving upwards.
Loom price analysis shows the Relative Strength Index (RSI) to be 59, signifying a stable cryptocurrency. This means that the cryptocurrency falls into the upper neutral region. Furthermore, the RSI path seems to have shifted to a downward movement. The decreasing RSI score also means dominant selling activities.
Loom price analysis reveals the cryptocurrency follows a definite downward trend with much room for further activity on the declining extreme. Moreover, the market’s current condition appears to be following a negative approach. Therefore, we can assume that the bears will start making their moves soon to maintain their control over the market.
Loom Price Predictions by Authority Sites
Wallet Investor
In a bullish LOOM price forecast, WalletInvestor believes the cryptocurrency may rise to $0.144 in a year and $0.4061 in five years.
Gov Capital
In a more gloomy prediction, Gov. capital projects that the Loom Network pricing will be about $0.0856 in 2023 and $0.0393 in 2027.
Digital Coin Price
According to DigitalCoinPrice, LOOM’s value can reach $0.111 in 2022 before rising to $0.1311 in 2023. The Loom Network pricing forecast on the website is $0.1745 for 2025.
Cryptopolitan
Loom Network Price Prediction 2022
Loom’s price is predicted to reach a minimum value of $0.055 in 2022. The Loom Network price could reach a maximum value of $0.061 with an average trading price of $0.058 throughout 2022.
Loom Network Price Prediction 2023
In 2023 the price of Loom Network is predicted to reach a minimum level of $0.078. The LOOM price can reach a maximum level of $0.099 with an average trading price of $0.081.
Loom Network Price Prediction 2024
Loom Network price is forecast to reach the lowest possible level of $0.12 in 2024. As per our findings, the LOOM price could reach a maximum possible level of $0.14 with the average forecast price of $0.12.
Loom Network Price Prediction 2025
n 2025, the price of Loom Network is predicted to reach a minimum level of $0.17. The LOOM price can reach a maximum level of $0.20 with an average trading price of $0.17.
Loom Network Price Prediction 2026
The price of Loom Network is predicted to reach a minimum level of $0.23 in 2026. The Loom Network price can reach a maximum level of $0.30 with an average price of $0.24 throughout 2026.
Loom Network Price Prediction 2027
The price of 1 Loom Network is expected to reach a minimum of $0.34 in 2027. The LOOM price can reach a maximum level of $0.41, with an average price of $0.35 throughout 2027.
Loom Network Price Prediction 2028
Loom Network price is forecast to reach the lowest possible level of $0.50 in 2028. As per our findings, the LOOM price could reach a maximum possible level of $0.59 with the average forecast price of $0.52.
Loom Network Price Prediction 2029
The price of Loom Network is predicted to reach a minimum value of $0.73 in 2029. The Loom Network price could reach a maximum value of $0.86, with the average trading price of $0.75 throughout 2029.
Loom Network Price Prediction 2030
In 2030 the price of Loom Network is expected to reach a minimum price of $1.12. The LOOM price can reach a maximum price of $1.28 with an average value of $1.15.
Loom Network Price Prediction 2031
In 2031 the price of Loom Network is forecasted to be at around a minimum value of $1.67. The Loom Network price can reach a maximum of $1.94 with an average trading value of $1.73.
Conclusion
The Loom Network is a sidechain platform for social networking and gaming dApps built on the Ethereum blockchain. It seeks to use off-chain development and interoperability to alleviate Ethereum’s congestion problems.
While some analysts anticipate the coin will increase in value in the future, others believe it may decline. It’s essential to remember that projections, particularly long-term ones, should be seen as indications rather than conclusions.
Investing is a very private activity. Please do your research and try to stay current on any changes to the Loom Network environment that could improve its chances.
You should never invest more money than you can afford to lose since investing can be dangerous.
Source: https://www.cryptopolitan.com/loom-price-prediction-2022-2031-is-loom-a-good-investment/