Loopring CEO Steve Guo Announces Resignation
In a significant development for the Loopring project, CEO Steve Guo has declared his resignation via a blog post on Medium, citing a desire to devote more time to his family. His departure, effective at the end of August 2025, has sparked various reactions within the community, particularly following recent discontent regarding the discontinuation of the project’s smart wallet feature.
Summary of Guo’s Departure
Steve Guo’s exit from Loopring, effective August 2025, has raised eyebrows, especially among traders who were already frustrated by the shut down of its Smart Wallet feature. Following the announcement, the price of Loopring’s native token, LRC, initially increased by 9.1% before experiencing a gradual decline.
Reflections on Leadership and Achievements
In his farewell message titled “Time to Say Goodbye,” Guo expressed his heartfelt emotions about leaving a project he dedicated significant effort and passion to. Loopring is recognized as an innovative Layer 2 protocol that enhances decentralized exchanges and payment systems built on the Ethereum blockchain. Guo reflected on the project’s journey, noting the successful establishment of a decentralized finance (DeFi) ecosystem and the introduction of features like dual investment and block trading. However, he also acknowledged the challenges, particularly the backlash following the decision to terminate the Smart Wallet segment, which had disappointed many users.
Community Reaction and Speculation on Guo’s Role
In light of the decision to halt wallet operations, a wave of criticism emerged from traders on social media platforms, with some even questioning Guo’s active involvement in the project. Comments ranged from skepticism about his existence as CEO to accusations of neglecting the protocol’s health. One user expressed frustration, stating they had not seen or heard from Guo, raising doubts about his leadership. The sentiment among some community members hinted at a perception of Guo as an ineffective leader, with concerns about the overall direction of Loopring.
Price Movement Following Guo’s Resignation
Interestingly, instead of the anticipated drop, LRC’s value surged by 9.1% following Guo’s announcement, trading around $0.09945. This reaction stands in stark contrast to other instances in the crypto space where leadership changes have negatively impacted token prices. Despite the initial spike, LRC eventually faced a correction, climbing to approximately $0.115 before retracing to the $0.099–$0.100 range. This pattern suggests that traders responded to the news with speculative buying, influenced by uncertainty and hopes for new leadership that could steer the project in a different direction.
Market Analysis and Trends
The volatility in LRC’s price is evident in the Relative Strength Index (RSI) and the Moving Average metrics. Initially, the RSI reached near overbought levels during the price rally but has since stabilized around 47, indicating a shift to neutral momentum. Additionally, the price has dipped just below the 30-period moving average, hovering around $0.1005, which raises concerns about a potential short-term bearish trend if this support level fails to hold.
