Crypto project Loom Network is now officially dead

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on May 9, 2020
  • An Ethereum-centric cryptocurrency, Loom Network, was recently proclaimed officially dead.
  • The coin has only a fraction of its former market cap, and it appears that its officials have abandoned it.
  • A brief check also confirmed that its social media is either shut down or abandoned as well.

The crypto industry saw major recovery after a price crash caused by COVID-19 fears in mid-March. However, while the majority of the coins — especially larger ones — did see significant growth, that did not include all cryptos.

An altcoin that only two years ago had a market cap of over $400 million was just officially proclaimed dead. The project in question is known as Loom Network (LOOM).

Loom Network: A good start and a disappointing end

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LOOM is, or rather — has been — an Ethereum-centric project that is now officially proclaimed dead by the top developer in the space.

The project is not very well-known, even though its market cap climbed to nearly half a billion in early 2018. However, the past two years were not kind to Loom network, and the token’s market cap currently sits below $16 million.

While most other cryptos dropped in 2018, but are now well on their way of going back to their ATHs, Loom is still 95% down. Bitcoin, for example, is about halfway to its own ATH, previously almost passing two-thirds of that road a year ago, in mid-June 2019.

As mentioned, the idea that the project is dead came from a top developer, Bruno Skvorc. Skvorc said as much in his recent tweet, published yesterday, May 8th.

Skvorc noted that all of the project’s social media channels are gone, and only a brief check confirmed that this is correct.

The project was previously proclaimed dead as far back as in March of this year. Back then, it was a fund called Stake Capital that called it, noting that pretty much all officials have abandoned the project.

Loom’s promise revolved around becoming a Platform-as-a-Service startup, that would help developers create and launch dApps. It also had strong ties to Ethereum, and the aim was to allow Ethereum-based apps to run on other chains and side-chains.

The money is going into Bitcoin

The recent period did not see a lot of coins ‘die,’ despite coronavirus pandemic. In fact, Loom seems to be the only one. Even so, it is becoming clear that Bitcoin is the only cryptocurrency that is actually seeing a true positive performance.

Some traders even pointed out that the coin seems to be decoupling from the rest of the market. As such, it is performing better than pretty much any other crypto. Especially as investors are moving to buy now, with the halving being only days away.

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