News

Livepeer Price Continues to Rise, Potential Shopify Partnership Brewing?

We last reported on Livepeer last night, when the price rose over 54% making it the biggest gainer on Crypto.com. The hype continues for Livepeer today as LPT set a new all time high of $76.47. Let’s take a closer look and see why the market is so excited about Livepeer.

What Is Livepeer?

If you’re unfamiliar with Livepeer, the simplest way to describe it is: A blockchain based live streaming service that provides competitive rates for transcoding video.

You can set up your Livepeer stream in minutes via a streaming software like OBS and get a public link to your stream that anyone can view.

Users can also stake their LPT tokens in exchange for more voting power on protocol proposals and the right to perform delegate work on the Livepeer network.

Why Is Livepeer Price Rising?

As we reported last night, Livepeer made their first company acquisition last month – Mist – a live streaming server. MistServer already has an active user based that will now have the option to utilize Livepeer’s services. In the acquisition announcement

, MistServer said:

“The extra resources Livepeer is making available to us will allow us to accelerate development and provide you with an even better product and service going forward.”

Another reason for Livepeer’s price hike might be due to the team’s increasing effort to be present in the crypto community. After announcing that Livepeer will be sponsoring ETHGlobal’s Web3 Jam, the big announcement of today is an upcoming quarterly topic call with the Head of Blockchain Engineering at Shopify.

Related Post

While it’s still early to bet on a partnership with Shopify, we can all agree that something is brewing.

The call will be held on Thursday, 12PM EDT on November 11th and will be open to the public to watch live.

Livepeer Price & Tokenomics

At the time of writing Livepeer is ranked as the top 85th cryptocurrency based on market cap. LPT’s total market cap is $1.6B with a 24 hour trading volume of $1.1b (almost double the trading volume that Livepeer had last night).

Livepeer’s circulating supply is 21.16M, with a total supply of 22.85M. A relatively small amount of tokens are locked up, which means we won’t see an influx of LPT tokens coming into circulation out of nowhere.

After yesterday’s astronomical price gains it would see the market would calm down today. Instead, the trading volume double overnight and the price increase another 20%. Livepeer definitely has a solid foundation, but if you’re looking to take profit in the short term LPT is a risky buy

This isn’t trading or investment advice. Always do your own research.

Follow us on twitter @themerklehash to stay up to date with the latest cryptocurrency news!

Originally published on The VR Soldier

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

27 mins ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

30 mins ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

35 mins ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

38 mins ago

$ELIZA Token Launch Marred By Insider Trading Allegations

The launch of $ELIZA, a token introduced by Andreessen Horowitz (a16z) partner @shawmakesmagic, has sparked…

48 mins ago

Cardano’s Rally Highlights Diverging Moves Among Investors

Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin…

51 mins ago