Upbit Designates LOOM as Trading Caution Item

Upbit's notice regarding Loom Network was driven by a significant price increase observed on the MEXC exchange, where the token saw a sharp surge over 30% in just 24 hours.

Upbit highlighted potential risks tied to manipulation schemes, raising warnings due to the token's high ranking on its platform. This aligns with past events of significant market concern.

The latest price data indicates that Loom Network is currently trading at $0.040865, reflecting a stark decline since peaking at $0.269 on October 13, 2023. This aligns with earlier forecasts and market trends.

Crypto analysts have pointed to financial risks associated with LOOM, linking daily price shifts to suspected manipulative trading practices. This reflects broader market apprehensions on volatile transactions.

This event draws parallels with past manipulation incidents on Korean exchanges, often involving rapid price movements. Traders speculate about potential emergence of similar "pump-and-dump" scenarios.

Experts note a tradition of using strict regulatory practices to counter manipulation, suggesting outcomes based on historical trading behavior. These insights underscore the caution issued by Upbit.

"Loom Network token (LOOM) price is up over 30% in the last 24 hours and over 50% in the last four days on MEXC exchange. Longs are having a field day as LOOM is yet to pull back even on the weekly timeframe, recording higher highs to the current level where it tests the weekly resistance at $0.269." - Upbit Official Notice Source