Loom Network

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/loom-network-loom-drops-70-post-1000-rally-can-it-recover/">Loom Network (LOOM) Drops 70% Post 1000% Rally; Can It Recover?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<ul>
 <li><strong>LOOM plummets by over 70% following the recent exceptional 1000% rally.</strong></li>
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<p>Loom Network’s native token, LOOM, captured immense <a href="https://coinpedia.org/price-analysis/why-loom-network-loom-price-is-up-by-250-will-it-hit-1-in-october-2023/" target="_blank" rel="noopener noreferrer nofollow">attention</a> last week after a parabolic rally of over 1000% before violently plummeting.</p>
<p>The explosive but short-lived surge was sparked by news of a partnership between Loom and Atlassian, with the latter acquiring Loom for $975 million. This announcement sent LOOM to a peak of $0.4846.</p>
<p>However, the euphoria rapidly dissipated. At the time of writing, according to CoinGecko <a href="https://www.coingecko.com/en/coins/loom-network-new" target="_blank" rel="noopener noreferrer nofollow">data</a>, LOOM trades around $0.1089—a 31% decline in the last 24 hours and an over 70% drop since its recent surge.</p>
<h2 class="wp-block-heading" id="h-selling-pressure-from-whale-causing-loom-s-price-drop">Selling pressure from whale causing LOOM’s price drop</h2>
<p>Data from <a href="https://twitter.com/lookonchain/status/1713549817425826068" target="_blank" rel="noopener noreferrer nofollow">Lookonchain</a> revealed concentrated selling pressure from a wallet holding 47% of the total supply post-peak. This overwhelmed the buying demand for LOOM and caused prices to capitulate.</p>
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   <p lang="en" dir="ltr">After the price of <a href="https://twitter.com/search?q=%24LOOM&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LOOM</a> skyrocketed by ~60%, the wallet suspected to be <a href="https://twitter.com/hashtag/Upbit?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Upbit</a> transferred 36M <a href="https://twitter.com/search?q=%24LOOM&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LOOM</a> ($17.7M) out just now.<br><br>The wallet currently holds 617M <a href="https://twitter.com/search?q=%24LOOM&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LOOM</a> ($283M), 47.5% of the total supply.<a href="https://t.co/oergGUqAgo" rel="noopener noreferrer nofollow">https://t.co/oergGUqAgo</a><a href="https://t.co/nJRrNHPLlO" rel="noopener noreferrer nofollow">https://t.co/nJRrNHPLlO</a> <a href="https://t.co/uWaMGMbxxL" rel="noopener noreferrer nofollow">pic.twitter.com/uWaMGMbxxL</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1713549817425826068?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 15, 2023</a>
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<p>The dramatic rise and fall illustrates the fickle nature of crypto assets, especially smaller-cap tokens. Sentiment can pivot extremely quickly from euphoria to fear.</p>
<p>Initially, the Atlassian deal generated huge hype around Loom Network. But once the whale wallet began offloading, confidence evaporated and profit-taking kicked into high gear.</p>
<p>While the acquisition brought validity, the token economics and distribution concentration made the project vulnerable to this type of collapse.</p>
<p>For now, Loom Network is left to pick up the pieces after its fleeting moment of prominence. The challenges of sustaining long-term price growth remain an obstacle for many altcoins.</p>

Loom Network (LOOM) Drops 70% Post 1000% Rally; Can It Recover?

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