Livepeer, the decentralized live video streaming network protocol, has witnessed a remarkable surge of 147% over the past week, reaching a yearly high of $20.4 within the last 24 hours. 

This significant increase in value has sparked heightened market interest, particularly due to recent whale trading actions involving Livepeer (LPT) tokens.

With the price of $LPT hitting highs 9 hours ago, the whale deposited all 148,215 $LPT($2.96M) to #Binance to sell for profit.https://t.co/txWlCqUX4C pic.twitter.com/Ek0CaHhtnd

— Lookonchain (@lookonchain) February 19, 2024

As Livepeer’s price continues to gain bullish momentum, on-chain reports from Lookonchain have unveiled intriguing insights into recent whale trading activities.

A notable whale recently deposited a substantial sum of 148,215 $LPT ($2.96M) onto Binance, presumably with the intention to capitalize on the token’s surge in value. 

A whale sold 35K $LPT($630K) on #MEXC for profit.

This whale deposited 100K $LPT to #MEXC and subsequently withdrew 65K $LPT, possibly selling 35K $LPT.

The whale currently holds 212,371 $LPT($3.93M), and the total profit on $LPT exceeds $3.5M. pic.twitter.com/39EiFoqaf7

— Lookonchain (@lookonchain) February 18, 2024

Initial observations indicate that this whale had previously engaged in trading activities on MEXC, depositing 100K $LPT and subsequently withdrawing 65K $LPT, potentially selling 35K $LPT for profits.

With a previous holding of 212,371 $LPT ($3.93M), the whale has accrued a total profit exceeding $3.5M.

Despite Livepeer’s volatility, many market watchers remain optimistic about its long-term prospects. Recent announcements regarding plans to integrate generative video AI capabilities into the platform have bolstered trader optimism.

Today @OpenAI revealed their research progress on the Sora generative video AI model, with some impressive demonstrations.

This helps show the world how powerful generative video can be, and progress on open models is moving faster than ever. But generating these videos requires… https://t.co/srd1TkV3bY

— Livepeer (@Livepeer) February 15, 2024

By offering open and affordable access points for developers, makers, and users interested in exploring creative applications with generative video, Livepeer aims to enhance its value proposition and expand its utility within the decentralized video streaming landscape.

The convergence of increased market interest, propelled by whale trading activities, and promising developments in platform enhancements positions Livepeer as an exciting player in the decentralized live video streaming arena. 

As the project continues to evolve and innovate, investors and enthusiasts alike eagerly anticipate further developments and advancements within the Livepeer ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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