The Loom Network was set up to create programs that anyone can access, and LOOM is its native currency. Let’s find out more, and take a look at some of the loom network price predictions that were being made on 26 August 2022, too.
Loom network explained
One of the main issues when it comes to the world of blockchain technology in general and cryptocurrency in particular is that of scalability. The idea is that many blockchains work better when there is less activity on them. This means that if the markets start to get busier, transactions slow down. Not only does this make carrying out activity on a blockchain slower, it also means that buying and selling can potentially be more expensive. Therefore, developers are looking for a way to ensure their programs and transactions can maintain speed.
One potential solution to this problem comes in the form of the Loom Network. This system is designed to work alongside the Ethereum (ETH) blockchain and help make it easier for people to create decentralised applications (dApps). The system also aims to make those blockchain-based apps more transparent and more like the programs that computer and phone users make use of every day, thus helping bring both crypto and the blockchain a little more into the mainstream.
The network says would-be users do not have to download crypto wallets in order to access the DApps, which could bring in people who otherwise would not be interested in blockchain technology. Loom Network also claims to be able to integrate assets in a cross-chain manner, meaning that people can use the likes of Bitcoin (BTC) on the platform, which is based on something called the Loom Network Basechain.
Every blockchain-based application needs to have its own native token and Loom Network has the conveniently named loom network crypto, also known by its ticker handle of LOOM. This token is designed to be used to pay to host DApps on the platform, while it can also be staked in return for rewards. The crypto can also be bought, sold and traded on exchanges.
Loom Network was founded in 2017 by developers Matthew Campbell, who is based in Bangkok, Luke Zhang and James Martin Duffy. LOOM first came onto the open market the following year after a private initial coin offering (ICO) which raised $45.81m out of a target of $58m.
Because the Loom Network platform is, ultimately, based on the Ethereum blockchain, this means that LOOM is not a coin but, rather, a token. You might see references to the LOOM coin or a loom network coin price prediction but these are, technically speaking, incorrect.
Loom network price history
Loom network price history from launch to present
Source: Capital.com
It’s now time to cast our eyes over LOOM’s price history. While it is important to remember that past performance should never be taken as an indication of future results, knowing what the token has done in the past can give us some much-needed context when it comes to either interpreting a loom network price prediction or making one of our own.
When LOOM first came onto the open market in April 2022, it was worth $0.08949. It was good news for early investors, with the token moving up to reach an all-time high of $0.7745 on 4 May 2018. After this, the newly-minted crypto could not withstand the market forces of the so-called crypto winter and it fell below $0.10 in November and stayed there for the next two years or so. The absolute nadir came on 13 March 2020, when the prospect of Covid-19 lockdowns saw markets across the board drop, and LOOM sank to an all-time low of $0.007666 on 13 March 2020.
In April 2021, as the cryptocurrency market entered a bullish phase, the token reached a periodic high of $0.2605. It then joined most of the market in a bearish summer, hitting a low of $0.04078 on 21 June. There was an upturn later in the year, as August saw a growing interest in non-fungible tokens (NFTs), helping LOOM break through $0.10 towards the end of the month and rally to $0.1777 on 17 September. After a drop to close the month at $0.09547, there was a slow recovery to hit a high of $0.1882 on 21 November before a contracting market saw it close the year at $0.08578.
Things have gone downhill in 2022. There was an early rally, with LOOM reaching $0.1049 on 7 February in the wake of it being listed on the Coinbase (COIN) exchange.
Russia’s invasion of Ukraine saw it fall to $0.06132 on 24 February. The news that the UST stablecoin had become depegged, resulting in the collapse of the associated LUNA cryptocurrency, sent the market into turmoil, with LOON dropping to $0.03642 on 12 May. Any hopes of a recovery were pretty short lived and, with the news of the Celsius crypto lending platform cancelling withdrawals confirming the crypto bear market, the token stood at a low of $0.03153 on 15 June. On 25 August, the news that LOOM would be available on the Binance (BNB) exchange saw it reach an intraday high of $0.06635.
On 26 August 2022, the price of LOOM stood at around $0.0625 At that time, there were 1.3 billion loom network in circulation, according to CoinMarketCap, representing the total supply. This gave the token a market cap of around $81m making it the 288th largest crypto by that metric.
Loom network price predictions
Let’s take a look at some of the loom network price predictions that were being made as of 26 August 2022. It is important to recognise that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, very often turn out to be wrong. Also, long-term crypto price predictions are often made using an algorithm, which means that they can change at a moment’s notice.
CryptoGround was pretty bearish when it came to making a loom network price prediction for 2022. The site thought that LOOM could drop to $0.0497 in early September before reaching $0.045 by the end of the month. Going forward a little, the site said that the token could be worth $0.0561 in late February 2023, before potentially getting to $0.0699 in August that year. The forecast went on to argue for a LOOM token price of $0.1143 in 2024 and one of $0.304 in 2025. By August 2027, the site said that loom network could be worth $0.4769.
CoinArbitrageBot was far more upbeat in terms of its loom network crypto price prediction. The site said that LOOM could shoot up to a little over $0.09 by the end of 2022, before it potentially moved to $0.161 in 2023. By 2024, the prediction was that the token could be trading at just over $0.26, while the site made a loom network price prediction for 2025 that saw it worth around $0.42196. Whether or not you trust this forecast depends on whether you believe that LOOM can go up by more than 500% over the course of the next three years or so.
PricePrediction.net had a LOOM token price prediction that said loom network could trade at $0.058 in 2022, $0.081 in 2023 and $0.12 in 2024. By 2025, the site said, the token could potentially trade at $0.17, before it could possibly reach $0.24 the following year and $0.35 the year after that. In 2028, the prediction was for LOOM to be worth somewhere in the region of $0.52, before potentially moving up to close the decade at $0.75. The site then made a loom network price prediction for 2030 that saw it stand at $1.15, before potentially hitting $1.73 in 2031.
Finally, WalletInvestor was far more bearish in its LOOM price prediction. The site argued that there were bad times ahead for loom network and, by late August 2023, the token’s value could have dropped substantially, falling to trade at around $0.00786.
When considering a LOOM token price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is loom network a good investment?
It is hard to tell. The token has made a recovery following its Binance listing, but history tells us these kinds of upturns can very often be brief.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies have proved vulnerable to the current bear markets. So investors should be prepared to make losses and never purchase more than they can afford to lose.
Will loom network go up?
It might do but, equally, it might not. While the likes of CoinArbitrageBot are bullish in their forecasts, sites such as WalletInvestor are far more bearish.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether LOOM is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in loom network?
This is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.
Further reading:
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