what feeds the wave?

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Loopring (LRC) is currently rallying and is up over 39% today and still maintains a bullish stance.

At the time of writing, Loopring was trading at $1.17 after a slight retracement from a daily high of $1.21.

In this article, we will look at what causes the price of LRC to rise.

Why is Loopring’s LRC price rising?

Before we take a deep dive into LRC’s current price rise, it’s important to first explain what LRC is.

In a nutshell, LRC is the native token of the Loopring protocol, an open protocol designed to build a decentralized exchange (DEX) for cryptocurrencies.

LRC is the Ethereum-based token.

Now, on to what’s fueling the current LRC price hike, and there the main factor driving LRC’s price up is Loopring’s partnership with GameStop.

Loopring’s partnership with GameStop

Loopring has partnered with GameStop NFT Marketplace to launch the GameStop NFT Marketplace; something that has certainly sparked a lot of excitement within the Loopring community and LRC token holders.

Loopring has joined Immutable X as an official GameStop partner on its NFT Marketplace initiative. In early February of this year, Immutable X partnered with GameStop’s NFT platform to “pay zero gas fees for trading and minting NFTs in a carbon neutral environment.”

NFTs and the Metaverse in general have become a force to be reckoned with around the world and they have become the center of attraction for digital property and gaming.

Loopring believes that many developers, users, and gamers have been left out because of its high cost. And for the power of the players to flourish, there is a need for a new world that is cheap, fast and safe for the customer. The GameStop NFT marketplace ensures that all users get the best digital property rights anchored by a decentralized, secure and credible neutral environment (Ethereum).

According to reports, more than 1 million NFTs have already been minted on the GameStop NFT marketplace after launch.

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