Merge tailwinds find new altitudesSpeculation surrounding Ethereum’s upcoming Merge is lifting up a handful of tokens into the stratosphere.
- Loom Network’s token LOOM rocketed by over 87% on Sunday, causing it to smash through last year’s high of $0.125 to new high of $0.156. It’s believed that the latest Ethereum Merge tests taking place without a hitch have been the driving force behind the layer 2 scaling solution’s rally.
- It’s not the only ticker being lifted by the Merge’s tailwinds. RVN, the token of the proof-of-work mining protocol Ravencoin rose by almost 50% last week as disgruntled Ethereum miners look for somewhere else to take their mining rigs. Some of the gainz also came from FTX’s decision to list Ravencoin perpetual futures on Monday.
- Traders however are unsure whether ‘the Merge’ will meet expectations. Crypto data firm Kaiko reports that rates of ETH shorting in the derivatives market have been steadily increasing as the upgrade approaches, and analysts believe most investors think the positives of the Merge are already ‘priced in’. There’s not long to wait to find out.