An address connected to Loopring CEO Daniel Wang moved 61.3 million LRC to the network layer-two platform, causing speculation around the awaited Gamestop NFT.
Crypto speculators maintain that the transfer, worth $164.8 million, could be an influx of liquidity in layer 2 to support the NFT marketplace.
The transfer is reportedly having connections and is thought to be Wang’s own stake. GME free float is worth about $500,000 more in LRC.
The sentiment has given LRC an upward price momentum. The cryptocurrency was up 5.87% at writing after dipping 24% in the past seven days.
GameStop hinted at plans to launch an NFT marketplace in October. The company opened positions for developers knowledgeable in Ethereum and Ethereim layer-two solutions. Loopring protocol provides a layer-two scaling solution.