Livepeer price soars as open interest, shorts liquidations jump

2023-8-15 18:45

Livepeer (LPT) price has gone parabolic in the last three days as its exchange volume jumps. The LPT token jumped to a high of $9.36 on Sunday, the highest level since February 15. It has soared by more than 172% from the lowest level in June.

Livepeer is one of the top blockchains seeking to disrupt the vido industry. The developers have built a decentralized video infrastructure for live and on-demand video usage. Its closest competitor is Theta Network, the biggest player in the industry.

Livepeer runs three key products: player, Livepeer.js, and Livepeer Studio. Player is an open-source platform for building custom video players while Studio provides tools for building, broadcasting, and publishing video.

It is unclear why LPT price has gone parabolic in the past few days since the network has not made any new news. This performance signals that a short squeeze is going on in the market.

Data compiled by CoinGlass shows that shorts liquidations have surged in the past three days. Shorts worth over $2.72 million have been liquidated in the past 24 hours. This compares to long contracts worth over $792k.

On Saturday, shorts liquidations jumped to $2.81 million while on Friday, they were over $1.47 million. Shorts liquidations are usually seen as being bullish for cryptocurrencies.

Livepeer liquidations

At the same time, additional data shows that Livepeer’s open interest in the futures market has been rising. It jumped by more than 17.4% in the past 24 hours to over $349 million. As shown below, open interest has jumped to the highest level on record, signaling that the token has more demand.

Most of this open interest is coming from Bitget, which stands at over $157.7 million. It was followed by Binance, Bybit, and OKX, which had $157M, $99.5M, and $50M in open interest.

Livepeer open interest

To be clear, since there is no cryptocurrency news affecting Livepeer, the current price action is mostly because of a pump-and-dump scheme. Therefore, there is a likelihood that the price will rebalance in the coming days.

The post Livepeer price soars as open interest, shorts liquidations jump appeared first on Invezz.

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