Loopring

Token

Foundation

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/loopring-founders-major-lrc-transfer-to-binance-stirs-investor-anxiety">Loopring Founder’s Major LRC Transfer to Binance Stirs Investor Anxiety</a><br></p>
<p style="text-align: justify"> Daniel Wang, the founder and former CEO of the decentralized exchange protocol Loopring, has unnerved investors by moving a significant amount of the protocol’s token, LRC, to Binance, the leading cryptocurrency exchange platform. The on-chain analytics firm Spot On Chain observed the transaction, revealing that Wang transferred $8.41 million worth of LRC to Binance within the past day. </p> 
<h2 id="massive-lrc-token-movement-detected">Massive LRC Token Movement Detected</h2> 
<p style="text-align: justify"> Spot On Chain reports detail that the founder of Loopring transferred 34.88 million LRC to the Binance platform, with each token valued at $0.241. This large deposit, sourced directly from the Loopring Foundation last December, suggests a potential sale on the horizon. The substantial volume of tokens transferred by Wang could have market-moving implications. </p> 
<p style="text-align: justify"> Despite a week-long uptrend resulting in a 5% increase in value, LRC experienced a 1.32% price dip in the last 24 hours, now trading at $0.2381. Alongside the price drop, the trading volume for the altcoin has also decreased by over 17%, currently standing at around $9 million. </p> 
<h2 id="technical-analysis-and-market-outlook-for-lrc">Technical Analysis and Market Outlook for LRC</h2> 
<p style="text-align: justify"> Even with the recent sell-off pressure, Loopring’s LRC token remains resilient, holding above its pivotal support level of $0.223. The <a href="https://en.bitcoinhaber.net/crypto-market-update-recovery-predictions-and-challenges">technical analysis</a> indicates key resistance levels, with $0.242 being the initial hurdle for LRC’s price to overcome. </p> 
<p style="text-align: justify"> If LRC manages to break past this resistance, further growth could see it reach $0.2583 and, if the bullish momentum persists, even $0.3373. The recent high at these levels suggests that a decisive breakout is needed to sustain an upward trajectory. Such a breakout could potentially lead to a continued rise, with the next targets projected at $0.4091 and $0.4964.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/loopring-founders-major-lrc-transfer-to-binance-stirs-investor-anxiety">Loopring Founder’s Major LRC Transfer to Binance Stirs Investor Anxiety</a></h5>

Loopring Founder’s Major LRC Transfer to Binance Stirs Investor Anxiety

Table of Contents

BH NEWS

Other articles published on Feb 12, 2024

Bitcoin price rally to $50K puts spotlight on halving supply shortage and spot ETF inflow

February’s Token Unlocks: AVAX, APT, IMX, SUI, SEI; Investors Get Ready for this Emerging AI Altc...

Flow (FLOW) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

EOS (EOS) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Bitcoin's Bullish Mood Drives Altcoins Forward

Philippines to launch non-blockchain CBDC in two years

Join our free newsletter for daily crypto updates!