Since being re-focused on in 2023, the price of $LPT tokens has performed brilliantly, rising from around $7 at the time of the research report release to over $21 in May 2024. In the first quarter of 2024, as a major DePIN token, $LPT increased by 133.7%, demonstrating a strong growth trend.
As of November 1, 2024, the price of LPT is $11.86, with a 24-hour trading volume of $30.36 million.
However, in the past 24 hours, its price has dropped by 16.84%, with a market capitalization of $371 million, ranking 108th in the cryptocurrency market by market capitalization.
The total circulating supply of LPT is 31.2942 million coins, with a total issuance of 31.3749 million coins, resulting in a circulation rate of 99.74%. Its historical highest price reached $100.43, while the historical lowest price was $0.446.
Entering 2024, the AI token market shows a significant upward trend overall, and LPT is also affected by this broader environment. In February 2024, according to data from the cryptocurrency platform Bitget, trading volume in the AI token segment surged by 400%, with a total market capitalization exceeding $39 billion. During this period, LPT achieved nearly a 140% increase since its issuance.
From a long-term trend perspective, on a monthly basis, LPT has been accumulating at the bottom for over a year. Within three months after the start of its autonomous rising phase, the price grew by 3 to 4 times. However, the price increase process also came with volatility, such as forming new support levels after a drop from the March peak, with the first dense trading area at 14.5, followed by 17-19.
From a technical perspective, it aligns with key Fibonacci levels, having stabilized above 21 (0.618) in May. In terms of on-chain data, there have been large withdrawals in the past 30 days.
According to Scopescan data, on May 14, a large withdrawal of 1.08 million coins occurred, with a net outflow of about 500,000 coins from CEX. This indicates actions by large capital holders in the market, which may have a certain impact on subsequent prices.
From a more macro market perspective, the bull and bear cycles of the cryptocurrency market significantly affect the price of LPT. In the early stage of the bull market, Grayscale launched related token funds, leading to a substantial increase in tokens like LPT, particularly after the launch of the LPT fund by Grayscale, which rose by 1497.1%.
However, market cycle fluctuations also expose LPT's price to the risk of correction. When the market enters an adjustment period, its price will also drop along with the trend.
At the exchange level, LPT is listed on 26 exchanges, providing a rich array of trading options, which ensures its market liquidity.
Coinbase Pro announced the listing of LPT and opened recharge on June 24, 2021. Trading would commence if liquidity conditions were met. This event attracted market attention and had a positive significance for LPT's market circulation and price discovery.
In different cryptocurrency narratives, the DePIN narrative that LPT is part of experienced losses in the early first quarter of 2024 but ultimately achieved a return of 81.0%, with LPT contributing to its growth.
