Concept:
The moment of inertia of a ring about a tangent axis in its plane is obtained using the Parallel Axis Theorem.
For a circular ring:
\[
I_{\text{diameter}}=\frac12 MR^2
\]
Using Parallel Axis theorem:
\[
I_{\text{tangent}}=I_{\text{diameter}}+MR^2
\]
Hence,
\[
I=\frac12 MR^2+MR^2
\]
\[
=\frac32 MR^2
\]
Step 1: Express mass in terms of linear density.
Mass of the wire:
\[
M=\rho L
\]
Circumference:
\[
L=2\pi R
\]
Thus,
\[
R=\frac{L}{2\pi}
\]
Step 2: Substitute into moment of inertia formula.
\[
I=\frac32 MR^2
\]
\[
=\frac32 (\rho L)\left(\frac{L}{2\pi}\right)^2
\]
\[
=\frac32 (\rho L)\frac{L^2}{4\pi^2}
\]
\[
=\frac{3\rho L^3}{8\pi^2}
\]
Therefore,
\[
\boxed{\frac{3\rho L^3}{8\pi^2}}
\]