Is it because of Upbit's sell-off, and where did that news come from? Pushing up the price and then dumping it is not uncommon in the cryptocurrency market. I think this token might push the price up near its previous peak again in 2023.
What can you expect from a token with one holding 47% of the coin's supply.
wallet holding over 47% of LOOM’s supply has started offloading tokens, sparking fears of potential price manipulation.
but if the project has potential it will recover and the price will be stabilized, checking Loom network they are an old project with good potential if only there is no one wallet with a huge supply to avoid manipulation of the price.
Loom Network began in early 2017 and was part of the Techstars New York 2018 startup program.
We are a production-ready, interoperable blockchain platform — providing the tools and connections developers need to launch high-performance dapps to large audiences.
https://loomx.io/jobs/