Livepeer (LPT) Whales Score Big: $2.20 Million in Profits Disclosed

Recent whale trading activities surrounding Livepeer (LPT) tokens have attracted significant market attention.

Livepeer, a decentralized live video streaming network protocol, had enjoyed a blistering 140% rally, going as high as $20 over the past week.

Crypto Whales Profit Trading LPT

SpotOnchain, a leading blockchain analytics firm, disclosed a significant move in the crypto markets involving a crypto whale. This investor gained attention by depositing 114,637 LPT tokens, valued at $2.2 million, into exchanges,

SpotOnChain’s analysis reveals that the whale initially acquired the 114,637 LPT tokens from Coinbase. These were purchased at an average price of $5.46 between April and August 2023. Demonstrating a long-term mentality, the investor held onto these tokens until their value soared to $19.03, marking an impressive 249% increase.

Consequently, the assets, originally procured for $625,781, appreciated significantly to reach $2.2 million at the time of sale, netting the trader a profit of $1.56 million.

Livepeer (LPT) Price Performance and Whale Behavior. Source: SpotOnChain

Another whale, identified by LookOnChain, saw a significant $3.5 million profit trading LPT. According to LookOnChain, this crypto whale deposited 100,000 LPT to the MEXC exchange and withdrew 65,000 LPT, possibly selling 35,000 tokens.

“The whale currently holds 212,371 LPT, valued at $3.93 million, and the total profit on LPT exceeds $3.5 million,” Lookonchain added.

What Is Next For Livepeer Prices?

The crypto whales’ transactions have notably impacted the price of LPT token, causing a decrease of 11% over the past 24 hours to $17.73.

Despite this volatility, many market observers maintain a positive outlook on Livepeer, anticipating a rise in its value. Seasoned crypto traders have set a long-term target of $64.70 for the digital asset, asserting that any downward price adjustments would ultimately bolster its worth.

“LPT prices take off, showing a major candle towards that $64.70 target and can still be in a position for more! With this target, Livepeer can climb another 369% to reach it, and pullbacks may only aid in this process,” analyst Javon Marks said.

Read more: 13 Best Altcoins To Invest In February 2024

This optimism among traders is fueled by recent announcements regarding plans to integrate generative video AI capabilities into the platform. The Livepeer team wants to democratize video creation by making it more accessible to developers and creators. They express confidence that these AI features will be operational on the decentralized video platform in the near future.