Livepeer (LPT) Coin is Trending: Announcement Coming Up for Web3 Social Media Platform

Livepeer (LPT) undergoes another boom cycle with a vertical price climb. LPT reached $19.33, within one price move from its yearly peak above $25. Demand for the token led LPT to a monthly peak in trading volumes above $106M in 24 hours. 

In 2024, LPT achieved two other vertical climbs and moved to a higher tier as interest returned to Web3 projects. The hope for LPT is to return to its all-time peak, when the token traded above $68 during the 2021 bull market. 

$LPT (Livepeer) recovers here with MAJOR STRENGTH and can still be far from done climbing as the target @ $64.706199 remains unchanged!

Another +261% (>3.6X) upside could be coming for Livepeer! https://t.co/vYpjvTrFKZ pic.twitter.com/0dyObTIP1V

— JAVON⚡️MARKS (@JavonTM1) May 9, 2024

LPT remains at risk for deep corrections. Its most active trading pair on Binance, LPT/USDT, has only $181K liquidity for 2% slippage.

LPT Shifts Trading Profile

In the past month, the LPT trading profile has also shifted as tokens moved to a different set of exchanges. Binance and Coinbase marked net withdrawals for LPT, while the tokens flowed into OKX, Gate.IO, and other small exchanges.

The token may undergo rapid inflows and outflows due to limited arbitrage opportunities. There is a disparity in LPT pairings, which may explain the increased trading activity.

Livepeer was also selected as one of the projects in Grayscale’s portfolio, and it became the top performer during the latest rally. LPT stands out as a blue chip when decentralized storage and computing tokens are also expanding. 

The LPT rally follows highly active days for Render (RNDR), Akash Network (AKN) and AIOZ Network (AIOZ).

Livepeer Aims for Development Beyond Short-Term Price Hype

Livepeer has a long-term goal of building the world’s decentralized video infrastructure. The project aligns with the trending DePIN projects that focus on distributed computation and infrastructure. 

In May, Livepeer is boosting its social media profile with a pre-announcement. Livepeer will present its network upgrade and new tools to combine AI and video streaming during the ETH Berlin meetup. 

Heading to @ETHBerlin?

Join Livepeer on May 23 for a major network announcement! 🚀

Engage with a diverse and high-caliber group of participants to discuss the opportunities for decentralized video creation and broadcasting in the era of generative AI.

Secure your spot now 👇

— Livepeer (@Livepeer) May 9, 2024

Livepeer aims to grow its influence, targeting content creators and developers. The project claims to offer 80% lower costs than existing cloud and video streaming services. All video streaming is supported by the globally available Livepeer Network, which combines user resources for lag-free streaming. 

Livepeer also boosted its brand in 2023, by creating enterprise products for prominent social media companies. So far, Livepeer has onboarded partners like Fishtank LIVE, Minds, Switchboard, The Lot Radio, and MyPrize. Independent creators can also use open-source Livepeer API to stream on demand. 

Livepeer Stands Behind Video Verification

Livepeer is also focusing on emerging problems with streamed content. With the rise of AI, the veracity of every video may be questioned. Livepeer is researching tools to prevent fake content and AI-generated fakes. 

🔍 Wondering how to verify the origin of digital media in an age dominated by #AI-generated content? Dive into @YondonFu's latest post, exploring the potential of C2PA — a standard supported by Adobe, Meta, OpenAI, and more.

👇

— Livepeer (@Livepeer) April 24, 2024

Reliable and verified video is key, as Livepeer strives to grow the adoption of its flagship product, Livepeer Studio. Livepeer aims to become a key player in the growth industry of video streaming. 

In 2023, global streaming reached $553B and is projected to grow to 671.8B by the end of 2024. Video streaming still depends on AWS usage and other centralized cloud services. Blockchain projects are trying to achieve better pricing and access to grab a piece of the expanding market.

Recent studies show decentralized streaming may be taking off this year. In April, Livepeer marked 30% growth compared to Q4, 2023. Through a series of updates and development over the years, Livepeer achieved the current network potential. 

The Livepeer Network itself is scalable, but the LPT asset remains an Ethereum-based token. Livepeer distributed its tokens in 2018 before developing its streaming service to ensure widespread holding of the tokens. 

Around 30% of all LPT tokens are in an escrow treasury. LPT also has 12% of its supply stored in a Binance wallet, suggesting sellers may be waiting in the sidelines to take profits. But LPT also has long-term holders, and has been distributed to more than 2.2 million wallets over the past six years. 

LPT tokens also have key utility and are used by streamers to pay for online resources. As streamers grow, so does demand for LPT. Network “orchestrators” receive the tokens as payment from streamers, who require the CPU, GPU, and bandwidth resources for on-demand streaming.