LOOM Price Prediction 2023-2031: Is the Loom Network a Good Investment?

LOOM Price Prediction 2023-2031

LOOM Price Prediction 2023 – up to $0.088
LOOM Price Prediction 2025 – up to $0.13
LOOM Price Prediction 2028 – up to $0.55
LOOM Price Prediction 2031 – up to $1.57

Loom CEO Joe Thomas explained that the second round of layoffs on October 20 affected “the sales-led side” of the company, 23 of its 219 staff members. Despite having 14 million users across 200,000 companies in the same release, Loom had to reorganize for further growth. How have these series of layoffs affected LOOM prices and LOOM Price Prediction?

The Loom Network is a somewhat exciting project that competes to become the top Ethereum-based platform for creating social games and apps. The crucial concern at the moment is how the Merge will affect Loom Price Prediction.

On the Loom Network, several developers have already created their game dApps. Although this has broadened network acceptance, it hasn’t yet resulted in greater demand for their LOOM token.

For professional dApp developers, Loom Network (LOOM) has emerged as a production-ready, multichain interoperable platform. The platform provides developers with the information and resources they need to create and distribute high-performance decentralized apps. Additionally, it provides the technology necessary for these dApps to offer a quick and smooth user experience across several chains.

If you are looking for virtual currencies with good returns, LOOM can be a bad, high-risk 1-year investment option, thus we heard these comments from the grapevine. What’s the future for the 2021 unicorn Loom Network?

Today’s Loom Network price is $0.049828 with a 24-hour trading volume of $5,256,180. Loom Network is down 0.41% in the last 24 hours. The current CoinMarketCap ranking is #293, with a live market cap of $64,776,999 USD. It has a circulating supply of 1,300,000,000 LOOM coins and the max. supply is not available.

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What is Loom?

The Loom Network is a Platform-as-a-Service (PaaS) network built on Ethereum with an SDK geared at creating massively multiplayer, decentralized social games and apps. On the Ethereum mainnet, Loom DAppChains are parallel sidechains connected to smart contracts. The Loom Network’s exclusive ERC-20 membership token, the LOOM token, grants access to DAppChains.

Video games now lead the battle to integrate blockchain and cryptocurrencies into current technological platforms. Crypto collectibles and games are among the top dApps operating on the Ethereum network, drawing much interest from crypto businesses and users in the $80 billion gaming sector.

On Ethereum, Decentraland (MANA) offers a virtual reality (VR) environment with comparable objectives. The rivalry in gaming is intense, as you might expect.

With its 4+ billion users, social media is keeping up, and cryptocurrencies like Steem (STEEM), Reddcoin (RDD), and even Dogecoin (DOGE) are bridging any gaps that may exist.

The potential rewards of serving these big markets are enormous, and developers are jumping on board. The Loom Network is already home to CryptoZombies, Zombie Battleground, What is Blockchain, EthFiddle, EthDeploy, SolidityX, and DelegateCall. It is also compatible with Plasma.

Over 50 people make up the Loom Network team, and its growth is promising. But in video games and on social media, survival depends on more than that.

Speed and Scalability on Ethereum

Any decentralized blockchain network depends on how quickly data can be sent. The network must have the speed and ability to handle an ever-increasing volume of transactions easily since it will enable tamper-resistant and transparent record keeping.

Due to the manner that most blockchains have been constructed, security has come before speed and scalability, which has caused problems for almost all of the current blockchain networks.

The Loom Network’s technology was designed to solve these performance and scalability problems. They think that by offering more processing power, lower prices, and network architecture that can support an unlimited number of transactions, they can encourage developers to create new DAapps and smart contracts.

Developers would be able to leverage third-party APIs that aren’t even on the blockchain in one such use scenario. To include 2-factor authentication into a DApp, a developer might connect to Google Authenticator.

When used this way, the blockchain becomes a repository for user data. There is no possibility of servers being shut down by a centralized authority because it is a decentralized network. As a result, a valid form of digital democracy will be created, with the community having the last say on any DApps operating on the blockchain.

The Loom Network Team

The staff is not mentioned on the Loom Network website. However, 35 of its workers are listed on LinkedIn, where they do have a presence. James Duffy is the Loom Network’s Chief Marketing Officer, while co-founder Matthew Campbell is still the project’s CEO.

Loom isn’t trying to hide its team members; instead, it just isn’t focusing on them, preferring to let the project’s progress speak for itself. The Ventures, a Chinese venture capital organization, previously provided $25 million in investment to The Loom Network, which has its headquarters in Bangkok, Thailand.

What’s next for Loom?

The principal Loom network, PlasmaChain, will aim to become “one of the most frequently utilized blockchains in existence” through interoperability, which is the team’s lofty goal. They anticipate that PlasmaChain will serve as a node connecting other blockchains, including Ethereum, Cosmos, EOS, and Tron. They have already prepared to connect with these well-known blockchain networks and position PlasmaChain as their hub.

Blockchain pioneer Ethereum created a framework for smart contracts that could host and assist the creation of decentralized apps. Scalability issues were evident once Crypto Kitties and other dApps froze the network.

Loom Network, along with Plasma and Sharding, is only one method for reducing Ethereum’s traffic. Like these other blockchain 3.0 options, Loom Network portrays itself as EOS on Ethereum and uses sidechain support and interoperability to address congestion and scalability challenges. Imagine it as analogous to the old-fashioned looms formerly used to make carpets and blankets.

The Loom SDK supports the Ethereum Virtual Machine, and sidechains may be created using any consensus algorithm and set of rules. Additionally supported are karma, tipping, non-fungible currencies, and other blockchain-based standards.

The dApps now available in the Loom ecosystem cover many topics, despite the company’s claims that it is centered on social and games. The dApps created thus far on the Loom Network are listed below:

DelegateCall – A Stack Overflow with tipping, the website rewards users for posting and answering questions about blockchain programming.
SolidityX – This superset makes Solidity easier for developers to implement and deploy.
CryptoZombies – Create your collectible blockchain-based collectible using CryptoZombies Origins: What is Blockchain? Then battle your CryptoZombies in the Zombie Battleground.
EthDeploy – A blockchain-based analog to Amazon Web Services (AWS) platform to test and deploy commercial-scale dApps.
EthFiddle – Over 10,000 users share snippets of Solidity code for public testing, compiling, and usage.

Loom Network and the dApps it supports are separate platforms that may communicate with one another and the Ethereum mainnet. Any of these networks need at least 1 LOOM to be staked in a linked wallet to transfer value between them.

Each LOOM currency’s history is recorded in the digital ledger maintained by Loom Network; therefore, selling your staked coin might jeopardize your game progress and dApp data. Before moving staked amounts out of your wallet, make sure you have gone through the Loom Network and individual dApp instructions thoroughly.

Buying & Storing LOOM

A vast number of exchanges, including Binance, offer the LOOM coin. The LATOKEN exchange has the highest trading volume. However, the Bilaxy exchange also sees significant transaction activity.

Although the LOOM token is listed on each of these exchanges, I did find the order books’ generally low levels of turnover to be a little unsettling. This may reduce the token’s liquidity, making it more challenging to carry out larger block orders.

LOOM may be kept in any ERC-20 compliant wallet because it is an ERC-20 token. Additionally, it supports BEP-2 wallets if converted, and LOOM is supported by both the ledger and the Trezor hardware wallets. The team has also now made available a native LOOM wallet that can be used to store LOOM.

Loom Price History

The Loom Network’s smart contracts and dApps are powered by the LOOM token. It has been connected with Binance Chain and is an ERC-20 token that can also be used as a BEP-2 token. LOOM is not yet intended to become a native token.

Users may now stake their LOOM tokens to get a share of the network fees generated by the validating nodes as this past February when LOOM staking went live. According to the most recent data, LOOM owners can stake their LOOM to earn up to 20% yearly. The LOOM team’s main objective is to maintain valuable staking to raise the overall LOOM.

The team behind LOOM is also unique because there has never been a public ICO. The team instead conducted a private investment round in January 2018 and raised $45,810,000 by selling 750 million LOOM tokens for $0.076 apiece.

On May 4, 2018, LOOM reached an all-time high of $0.774454; however, it has since dropped significantly from that level. The LOOM token dropped to an all-time low of $0.026082 on August 18, 2019.

Loom Technical Analysis

The current live LOOM price is $0.049578 with a $5,130,135 24-hour trading volume. Our LOOM pricing is constantly updated. In the past 24 hours, LOOM has decreased by 0.72%. With a live market cap of $64,451,195, CoinMarketCap now ranks #289. There are 1,300,000,000 LOOM coins currently in circulation.

The last known price of LOOM is $0.049578 and over the last 24 hours, it has fluctuated between a low of $0.04953 and a high of $0.05017.

LOOM Price Prediction 2023-2031: Is the Loom Network a Good Investment? 1

The Bollinger bands are forming a narrow pattern as a result of the bullish momentum as the candle bars are trading near the lower band as the MACD line is trading above the signal line.

Loom price analysis shows the Relative Strength Index (RSI) to be 50, signifying a stable cryptocurrency. This means that the cryptocurrency falls into the upper neutral region. Furthermore, the RSI path seems to have shifted to a downward movement. The decreasing RSI score also means dominant selling activities.

Loom Price Prediction by Cryptopolitan

LOOM Price Prediction

LOOM Price Prediction 2023

Our Loom price prediction for 2023 demonstrates that a maximum price of $0.088 is anticipated for the price to conclude the year. According to our forecasts, the price of Loom fluctuates between a minimum of $0.073 and an average of $0.0745 per coin.

Loom’s goal is to allow application developers to have smart contracts that can access much more computing power when it is required, or maintain the same power at lower costs for tasks such as trials for onboarding new users or applications that simply do not need the full security of blockchain, to begin with.

LOOM Price Prediction 2024

Our Loom price prediction for 2024 is a maximum of $0.13. For the same year, we anticipate that the price of Loom will range between a low of $0.11 and keep a constant average of $0.11. We anticipate the coin will keep rising, gaining popularity, and recording more transactions.

LOOM Price Prediction 2025

Our Loom price prediction for 2025 will attain trade as high as $0.19. Additionally, we project a $0.15 as the minimum price and $0.16 average price. By 2025, the network might be able to scale more efficiently, which will raise adoption and market costs.

Loom Network is a platform-as-a-service that enables Ethereum Solidity applications to run on side chains. This means that the applications can have consensus mechanisms tailored to their specific requirements and potential threat model. Loom accelerates and simplifies the scaling of decentralized applications on the Ethereum network by utilizing DPoS sidechains for scalability with DApps while maintaining the security of the Ethereum mainnet.

LOOM Price Prediction 2026

Our Loom price prediction for 2028 suggests that loom will experience consistent price growth, reaching a high of $0.28. Investors in Loom should also plan on a $0.22 minimum market price and a $0.23 average price.

LOOM Price Prediction 2027

Our Loom price prediction for 2028 states that the loom price range will hit a maximum base price of $0.38. We expect the digital coin to continue its bullish run from the previous year while keeping a minimum and average price of $0.31 and $0.32, respectively.

LOOM Price Prediction 2028

Our Loom price prediction for 2028 is anticipated to reach a high price of $0.55. The minimum price of the coin by 2028 is expected to be $0.44; the average trading price of the coin is forecasted to be $0.45.

The LOOM token is a proof-of-stake (PoS) token that is used to secure the platform’s mainnet, known as Basechain. Staking, transaction fees, and bonding are all done with the token. LOOM token owners can stake their tokens to help secure Basechain and earn rewards.

LOOM Price Prediction 2029

Our Loom price prediction for 2029 suggests a minimum value of $0.64. The Loom Network price could reach a maximum value of $0.75, with an average trading price of $0.66 throughout 2029.

LOOM Price Prediction 2030

Our Loom price prediction for 2030 suggests a minimum price of $0.88. The Loom price can reach a maximum price of $1.13 with an average value of $0.92.

LOOM Price Prediction 2031

Our Loom price prediction for 2031 is a maximum value of $1.57. We expect the average price to be around $1.34 and a minimum value of $1.3 for the same year.

Through the zkLoom blockchain, you no longer have to trust validators and can rely on security guarantees provided by Ethereum. Through leveraging Ethereum for security, zkLoom blockchains operate in a secure manner with few validators and as such, it is much easier to bootstrap new blockchains and operate them at a lower cost.

Loom Price Prediction by Wallet Investor

Loom Network (LOOM) and potentially its market environment have been in a bearish cycle over the last 12 months, according to wallet investor data. Their Ai cryptocurrency analyst predicts a downward trend in the future and that LOOM is not a good investment for making money.

They recommend looking for other projects to build a portfolio instead because this virtual currency has a negative outlook. Trading in bear markets is always more difficult, so if you are a novice, you should avoid this currency. If you are new to investing, always read up on the best investment strategies.

Loom Price Predictions by PricePrediction.Net

Loom Network’s future is highly dependent on the overall performance of the crypto industry. When it comes to investing in LOOM, you must ensure that you are employing the proper strategy. This investment is not appropriate for those with an asymmetric risk profile. However, it remains an excellent investment for those with a high-risk tolerance and a solid financial position. Aside from its speculative nature, LOOM provides exposure to global technology and an ever-expanding ecosystem.

The value of Loom Network is expected to grow further as scarcity encourages price increases.

Loom Price Prediction by Industry Influencers

Famous crypto youtube influence Cryptosterone believes that the price of loom has a great chance of going to new heights. Other experts and businesses, analysts believe that the price of Loom will rise up to $3.01 in 2030.

Loom Network Price Prediction For 2022 – 2025 – 2030

Conclusion

The Loom Network runs on Plasma, which is a scaling solution that allows for faster transactions throughout the network. The goal of LOOM is to allow application developers to have smart contracts that can access much more computing power when it is required, or maintain the same power at lower costs.

Loom makes scaling decentralized applications faster and easier on the Ethereum network and uses the DPoS sidechains for scalability with DApps through the security of Ethereum mainnet. With the Merge, we can expect more improvement in transactions. The LOOM token acts as a membership token that each member receives in order to get access to all of the apps that run on the Loom Network itself.

While some analysts believe the coin’s value will rise in the future, others believe it will fall. It is critical to remember that projections, especially long-term projections, should be viewed as indicators rather than conclusions. Sometime in June 2022, Loom laid off 34 employees, or 14% of its total staff, sources say, impacting product and people operations. But then, these layoffs are helping build in what was described as a more sustainable way moving forward. Another round of layoffs happened in October.

That growth has attracted $203 million in known venture capital funding, with the company most recently announcing a Series C led by Andreessen Horowitz. The same round valued the company at $1.53 billion, making it hit unicorn status for the first time. Kleiner Perkins, Sequoia, Coatue and General Catalyst are also investors in the company.

Please keep in mind that cryptocurrency is a highly volatile market and can be unpredictable. It’s always a good idea to do your own research and consult with a financial advisor before making any investment decisions. Diversify your portfolio and do not invest more than you can afford to lose. It’s also a good idea to stay up to date on any developments or changes within the Loom Network environment that could impact its value.

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