LOOM Price Surge Amidst Crypto Market Trends

Loom Network (LOOM) witnessed a notable surge in its price trajectory, soaring to a striking five-year pinnacle of $0.28, during what seems to be a prevailing bearish sentiment in the cryptocurrency market. This surge, witnessed on the auspicious date of October 13, marked a substantial 30% upswing. However, in subsequent hours, the price experienced a modest retracement, settling at $0.27 at the time of composing this update.

The impetus behind this remarkable price upswing seems to stem from a noteworthy event involving a discernible investor on Upbit, who made a significant acquisition of over 21 million LOOM tokens. This acquisition amounted to a substantial investment of nearly $6 million. Consequently, this astute whale has now amassed an impressive total of 653 million LOOM assets, boasting an estimated total value of $181 million. This accumulation represents a staggering 50% of the overall circulating supply of LOOM tokens.

The price of $LOOM skyrocketed by ~30% today.

The wallet suspected of #Upbit accumulated 21.42M $LOOM ($5.83M) today.

And the wallet currently holds 653M $LOOM ($181M), 50% of the total supply.https://t.co/oergGUqAgo pic.twitter.com/TO9ZqSCw64

— Lookonchain (@lookonchain) October 13, 2023

In stark contrast, the leading cryptocurrencies in the market landscape, including but not limited to Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Ripple (XRP), and several others, continue to endure a downward trajectory, contributing to an overall decline in the global market capitalization, which has dipped below the significant threshold of $1.1 trillion, as reported by data from CoinGecko.

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