Why is Live Crypto Party’s LCP token trending?

Highlights

• Metaverse tokens, similar to virtually all categories of cryptos, are on a losing spree this year
• Live Crypto Party comes with its unique, and also yet-to-be-tested, party-to-earn feature
• LCP token’s new version is said to have been listed for trading on DeFi platform SafeMoon

Cryptoassets may register steep gains or book severe losses over a short time. This hyper-volatility can make big news, but a section of enthusiasts seem undeterred. This reflected in how BTC, ETH and other tokens had gained in past 24 hours as of writing.

BTC and ETH were both up over three per cent. But aside from these popular assets, the cryptoverse is filled with tens of thousands of small tokens. One token trending as of writing was Live Crypto Party. Is this the next big thing in cryptos? Though predicting this is fairly impossible, let’s know why LCP is making news.

Live Crypto Party cryptocurrency

The project seemingly falls under the metaverse category of cryptoverse. Live Crypto Party claims it is a “party-to-earn” platform. Play-to-earn or P2E tokens like AXS and MANA are already popular. These have billion-dollar market caps, and their trading volume is also high. Live Crypto Party, however, has yet to enter that league.

What it is promising is “buyback” of any token on any specific day with up to 80 per cent profit for the holder. Live Crypto Party platform states that users can vote for a particular asset. The voted asset will then undergo a buyback, resulting in profit for the holders. The project also claims to reward users for engaging in offline and online events. Rewards, it says, will accrue in cryptos and NFTs.

The other major highlight is referrals, which come with rewards in cryptos as well as tangible goods.

Also read: What are Project Galaxy Web3 services and how has GAL token fared?

LCP crypto news

Live Crypto Party has recently announced that LCP token’s new version is trading on SafeMoon. For those who may not know, SafeMoon allows launch of new tokens. SafeMoon DeFi has its own native token SAFEMOON.

LCP token and metaverse

Live Crypto Party wants to become a participant in metaverse. It is also claiming to have NFT features. Most metaverse tokens like Axie Infinity and Decentraland come with similar offerings.

So far in 2022, most major metaverse gaming tokens have lost heavily. AXS had a year-to-date (YTD) loss of over 75 per cent as writing, while MANA was down over 65 per cent. Overall, cryptos in every category, including DeFi and blockchain networks, have lost this year. Live Crypto Party is a very new entrant, and price data is not available.

Data provided by CoinMarketCap.com

Also read: What is Crypto Island and is CISLA token safe?

Bottom line

Live Crypto Party’s party-to-earn feature seems similar to P2E. However, how buybacks and referrals will be managed has yet to be seen. LCP token’s new SafeMoon listing could be why it is trending. But LCP token’s absence from major platforms like CoinMarketCap make it difficult to assess its financial performance.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.