in

Crypto Hot News Looks like LOOKS is flying out of exchanges; Here’s why

Hot Crypto News Today Looks like LOOKS is flying out of exchanges; Here’s why You Must Read To Get More Information For Trading and Investment.

Mozart and Salieri, iOS and Android, OpenSea and LooksRare – rivalries exist wherever you look. However, most crypto-watchers and NFT lovers have concluded that the high volume of wash trading on the LooksRare NFT marketplace means it can’t match up to OpenSea.

On the other hand, LooksRare’s LOOKS token has been seeing some intriguing activity over the past few days. For that reason, it’s worth a small investigation.

Eyeing a new opportunity?

The first thing to note is that from around mid-April, the supply of LOOKS on exchanges rocketed until it hit all-time-highs of approximately 20.94 million on 20 April. After this, however, the supply of LOOKS began to fall sharply, though it was recovering slightly at press time.

Crypto Hot News Looks like LOOKS is flying out of exchanges; Here’s why

Additionally, active addresses and volumes for the asset have both been spiking from 20 April onwards. Together, these two metrics paint a picture of an asset which is seeing an increase in adoption. Furthermore, we can see that the spike in volumes was followed by a similarly large spike in addresses.

It remains to be seen if this pattern will hold in the future.

Crypto Hot News Looks like LOOKS is flying out of exchanges; Here’s why

So, is LooksRare winning the NFT marketplace race? According to Dune Analytics, this is far from the case as both LooksRare and OpenSea appear to be running neck-to-neck when examining their daily volume in USD.

However, while OpenSea daily volumes are growing more consistent, LooksRare volumes have plunged by hundreds of millions of dollars since its launch in January 2022.

Crypto Hot News Looks like LOOKS is flying out of exchanges; Here’s why

But that’s not all, folks!

The OpenSea and LooksRare rivalry might not be a two-way rivalry for much longer as a new player prepares to enter the NFT market scene. This is none other than Coinbase NFT, which recently launched its beta version for select users to try out.

With a focus on interoperability and user-friendliness, there’s a good chance that a new competitive dynamic might form as soon as Coinbase NFT opens its doors to everyone else.

Read more Crypto Hot News here.
Watch free hot girl asia stock quality Photos on hotgirl.asia Crypto Hot News Looks like LOOKS is flying out of exchanges; Here’s why

What do you think?

Written by thegamefi

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

Crypto Hot News Cardano [ADA]’s latest ‘10% increase’ could have this effect on the price

Crypto Hot News Tron’s [TRX] latest rejection might have the following implications