LPN token: What is Luxurious Pro's price volatility all about?

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LPN token: What is Luxurious Pro's price volatility all about?

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 LPN token: What is Luxurious Pro's price volatility all about?
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Highlights

  • Altcoins like DOGE, ETH, and SOL have become large-cap crypto assets, but Bitcoin is still at the top
  • Any new asset can be launched any day, and hence, crypto enthusiasts must prefer caution
  • LPN token or LPNT price volatility has remained quite high this year, with steep ups and downs

Did you know that there are tens of thousands of crypto assets available globally? Regardless of the risks and volatility that ail the cryptocurrency investment space, new assets continue to be launched. Crypto price tracking website CoinMarketCap tracks close to 19,000 assets.

BTC may have the biggest share in the total market cap of the crypto space, but altcoins seem to be catching up fast too. One altcoin gaining traction is Luxurious Pro Network or LPNT, which has yet to feature in the top 100 or even top 1000 cryptos by market cap. Let’s know more about the project.

What is Luxurious Pro Network Token?

Claiming to be a ‘multi-utility’ crypto, the token is based on Ethereum’s blockchain network. It is said to be a part of a wider ecosystem that touches forex trading and luxurious transportation. The whitepaper mentions that the project is financially backed by “multi-billionaire” investors. It is also claimed that at least 100,000 users of the token exist globally, and the project has trademarked its brand name.

Also read: Deciphering debate around Bitcoin as reserve currency

Though the project has mentioned the utility of LPNT in sectors like finance and transportation, how it will be achieved has yet to become clear. The ecosystem, according to the whitepaper, will include in-house multi-currency wallet, custodial services, and even banking services like remittances.

It is being claimed that the token would offer zero chargebacks and that the fee levied on transactions will be low. The project is also planning to have a payment gateway in the future, which could rival PayPal.

What is LPN token's price?

CoinMarketCap data suggests that LPNT has manifested extreme volatility so far this year. Separately, the market cap of Luxurious Pro Network Token is not verified independently by CoinMarketCap.

Also read: IDEX crypto rises: What is IDEX decentralized ecosystem?

LPNT price at the start of 2022 was nearly US$14, which dipped to under US$11 by January 11, but a sharp rally in mid-January took the price to over US$23. By late February, however, LPN token’s price fell to below the US$11 level, before registering another short-lived rally that lifted the price to over US$20.

As of writing, LPNT traded at nearly US$11, and the past volatility makes LPNT price prediction very difficult.

LPNT price movement

Data provided by CoinMarketCap.com

Bottom line

Luxurious Pro Network Token does not appear to be targeting any particular sub-sector like metaverse, DeFi or NFTs. It claims to be an ERC-20 token with multiple use case. But the utility of LPNT has yet to be demonstrated. The price of LPNT has registered sharp ups and downs over the past months of this year, which means any decision must be backed by extreme caution. Lastly, LPNT does not feature in top assets like BTC, DOGE and AXS, and hence, due diligence must be preferred over sentiments.

Also read: Maple Finance crypto sharply rises in 2022: What is MPL token?

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