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Loopring Slides 20% In 5 Days Despite NFT Red Packet 2.0 Launch

The price of Loopring's LRC token has dropped around 20% in the days following the announcement of the launch of non-fungible token (NFT) Red Packet 2.0. The feature allows users to transfer ERC-20 tokens and NFTs adapted to the ERC-1155 standard, offering more flexibility than the popular ERC-721 standard. Loopring's platform allows for decentralized exchange using zkRollups on Ethereum, providing lower fees than transacting on the Ethereum mainnet. Despite positive reception from the Loopring community, LRC prices have continued to decline, trading at $0.338, down 20% from April highs. However, the token has more than doubled from December 2022 and is up 30% from March 2023 lows. (newsbtc)

Loopring Loopring $0.22
-3.32%
NFT
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