The Loom Network (LOOM) has come top of the chart in this morning’s trading following a listing on the South Korean exchange, Upbit, and the beta release of its Sidechain Development Kit (SDK).
LOOM began the day at $0.20 before experiencing a sharp 50% surge in its value earlier today, reaching a high of just under $0.30 at around 10:30 GMT.
At the time of writing, LOOM is currently trading at $0.26, giving the coin a total value of $162m: over $25m more than at the start of the day.
Early on Tuesday, the South Korean exchange Upbit announced it would be listing LOOM network on its servers. The exchange, which has processed a total of $334m in the past 24 hours, announced at midday Seoul time that it would be launching a LOOM trading pair with the Korean Won (KRW).
A blockchain platform designed to combine online gaming with social media, the Loom network – which has not published a whitepaper – plans to enable video games that run off Decentralised Applications (DApps) to be built on Lisk-like sidechains, thereby making it scalable.
Founded back in September of last year, Loom network’s team have also launched the beta for its SDK. Announced on Twitter at just before 14:00 GMT, this will enable developers to build their own features off the Loom Network
In the network, LOOM tokens have a very specific purpose, namely to be used to purchase licenses for developers to build games.
Although there is currently only one tier of tokens available, the plan is reportedly to introduce various tiers that correspond to varying levels and complexities of the features being designed.
Despite making up less than a single percentile of the world’s population, South Korea is a major center for cryptocurrency trading. In the past, listings on South Korean exchanges have sent cryptocurrencies rocketing in price.
In a slew of Bithumb listings at the beginning of April for example, the old ERC20 Tron (TRX) experienced a $1.2bn increase in its market cap; VeChain (VEN) by $300m; and in mid-April, Monaco more than doubled in price in the space of a morning.
Although the past 24 hours have not been bad for the Loom Network by any measure, today’s gains are marginal compared to the all-time high it reached in early May when LOOM traded at $0.67, giving the coin a total value of well over $400m, according to CoinMarketCap.
Listing almost always bode well for coin prices as they highlight an exchange has a certain level of confidence in a project’s viability. Combine this with an on-time SDK beta-release and Loom Network might see a significant markup in investor interest.
The author is not invested in LOOM but maintains a portfolio of other cryptocurrencies.
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