Loopring (CCC:LRC-USD) is continuing an unprecedented run today. The crypto is being driven largely by speculation, but the rumors have been enough to send the token absolutely rocketing. There are no signs of the crypto cooling down now, even a week after the initial speculation began to circulate. Just how high is the chatter going to send LRC prices? Investors are seeking out Loopring price predictions to find out.
The Loopring network provides a service that is broadly appealing to a DeFi audience. Loopring developers offer a suite of products located on the Ethereum (CCC:ETH-USD) network. It utilizes layer-2 scaling in order to create user-facing DeFi products — things like decentralized exchanges or crypto payment systems.
Its product offerings present an appealing product already, allowing users to dodge hefty Ethereum gas fees while promising the high security levels of the network. And it has been reaping the rewards of offering a solid business model; LRC prices went from around 10 cents in 2020 to prices north of 50 cents in 2021. Yet, these gains don’t hold a candle to what the GameStop (NYSE:GME) rumors are doing for the token.
Late in October, rumors began surging around Loopring and a potential partnership with GameStop. GME bulls have been speculating over a pivot by the company toward the non-fungible token (NFT) market, given the industry’s huge popularity. Well, some savvy GME bulls and crypto fans are firm in their belief that Loopring will be the partner of GameStop’s in its NFT venture. This speculation is backed by a mention of GameStop in the Loopring protocol’s code.
Loopring Price Predictions Continue to Heat Up With GME Rumors
The rumors have been sending LRC to heights far beyond longtime holders’ expectations for LRC this year. Since the rumors broke on Halloween, prices of LRC are up over 520%. Today alone, the token is gaining over 50%; it is posting an all-time high of $3.83 this morning. Could these GameStop rumors continue to spur massive price surges in LRC stock? Let’s take a look at some Loopring price predictions and see what analysts are thinking:
- DigitalCoin sees Loopring gaining plenty more value through the end of this year. The site’s year-end forecast for LRC is $5.13.
- Trading Beast’s median prediction of $3.15 for December has already been smashed through; its high prediction for the month is $3.94.
- WalletInvestor’s 12-month prediction for LRC is quite bearish, targeting a value of $1.86 by November of next year.
- Gov Capital’s prediction for November of 2022 also calls for some big losses. It expects Loopring to sink down to $2.50 by then.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.