LunarCrush, a cryptocurrency social analytics platform, observed that Loopring [LRC] was acting in opposition to the general trend in the cryptocurrency market. It had the most social contributors per day (5,260) in the last 90 days.
LunarCrush discovered that this milestone was reached despite a decrease in the number of socially involved individuals in the cryptocurrency market as a whole.
LRC in the previous 90 days
In the past, a rise in a crypto asset’s social activity has been associated with a rise in its price. However, this has not been the case with LRC. The asset’s price has been falling for the past three months, according to CoinMarketCap data.
An LRC token was available for purchase at an index price of $0.40 ninety days ago. The price of LRC increased in July as a result of the general rally in the cryptocurrency market.
The asset’s price had reached its all-time high of $0.51 on August 14th. The bears started a downward price correction because they were unable to maintain the rally. LRC ended the third quarter at $0.30, down 41% from its peak on August 14th.
Despite this, the price of LRC has been falling, falling by 7% since the beginning of October.In addition, as of this writing, CoinMarketCap data indicate that LRC traded hands for $0.2885.
LRC on the chain
A look at data from the blockchain analytics platform Santiment provided insights into the persistent fall in the price of LRC over the past few months, in addition to the general decline in the cryptocurrency market.
First, the LRC network remained inactive for an extended period of time.The asset’s Mean Coin Age and Mean Dollar Invested Age (MDIA) revealed a rise in the number of dormant LRC tokens.
Santiment’s data show that LRC’s MDIA has risen by 41% in the last 90 days. Within the same time frame, its Mean Coin Age also increased by 25%.
The prolonged period of these important metrics suggested that an increasing number of LRC investments were inactive. Any significant increase in the price of LRC may be affected if this continues.
Regarding profit-taking on LRC investments, a 90-day average of the asset’s Market Value to Realized Value (MVRV) revealed that many LRC holders held the alt at a loss over the previous three months.
The MVRV’s 90-day value was -18.88% negative.
During the time under review, development activity on the LRC network also suffered as a result of a drop in price. According to the data analytics platform Santiment, it decreased by 7% over the previous three months.
Last but not least, LRC’s network activity significantly decreased during the time period under review. LRC-trading daily active addresses decreased by 87%. In a similar vein, the daily number of network addresses created decreased by 58% during the same time period.