Livepeer, a decentralized live video streaming network protocol, and blockchain-powered AI platform SingularityNET on Friday massive rally with huge trading volumes, sparking buzz in the crypto community. What are the reasons behind the sudden upswing?
Livepeer and SingularityNET After OpenAI Sora News
OpenAI announced its text-to-video artificial intelligence model Sora. It can generate videos that are realistic and imaginative. Sam Altman asked followers to suggest messages and used Sora to turn their X posts into one-minute videos.
“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 massive GPU computing power, and can be expensive,” said Livepeer.
Livepeer issued a statement today saying that as part of the Livepeer AI Video initiative, the community is working hard to bring these capabilities in affordable and open access ways into the Livepeer network in the next few months.
While OpenAI Sora is a huge advancement in the AI field, SingularityNET as an AI marketplace is actively working to create decentralized benevolent Artificial General Intelligence (AGI). The AI decentralization will help people, coding, data, and processing.
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LPT and AGIX Price Rally
OpenAI’s introduction of the Sora has renewed focus to artificial intelligence and AI tokens are currently rising, with LPT and AGIX leading the rally.
As per Coinglass liquidation data, Sam Altman’s Worldcoin (WLD) saw $3.30 million liquidated, while Livepeer (LPT) and SingularityNet (AGIX) recorded $2.77 million and $800k liquidated in the last 24 hours.
LPT price pares some gains after soaring over 60% in the past 24 hours, with the price currently trading at $12.23. The 24-hour low and high are $7.98 and $13.62, respectively. Furthermore, trading volume increased by more than 1250% in the last 24 hours, indicating a massive interest among traders.
The descending channel breakout in LPT caused a massive rally in the last 24 hours, providing traders with enough confidence for heavy buying.
Meanwhile, AGIX price also rising due to the breakout from cup-and-handle pattern. The price is currently trading at $0.381 after paring most gains in the last 24 hours soaring. The 24-hour low and high are $0.316 and $0.429, respectively. Furthermore, trading volume increased by 350%.
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