Livepeer (LPT), the first decentralized live video streaming network protocol, has seen an increase of 48% in the last 24 hours.
This increase was due to a short squeeze as many traders who had predicted a decline in its price for LPT had to close their positions and buy back their tokens at higher prices.
The short squeeze also showed up in the futures market, where LPT altcoin futures contracts reached a surprisingly negative rate. According to data from Skew, Binance, OKX, Bybit and other major exchanges have more than 2,000% annual negative rates for LPT futures.
This means that short traders have to pay a large premium to renew their contracts, while long traders can earn a high rate of return by lending their tokens.
The trading volume of LPT perpetual contracts on Binance has also increased rapidly, reaching $1.99 billion in the last 24 hours. This figure surpassed the volume of BTC perpetual contracts of $1.98 billion, placing it first among all cryptocurrencies on Binance.
*Coins that experience rapid rises in this way are extra risky. For this reason, it is necessary to be much more careful when investing.
*Not investment advice.