Lido DAO (LDO) token dropped around 3.3% in the past 24 hours as a whale bought 2.7 million LDO at an average price of $1.82.
A whale has purchased 2.7 million LDO LDO $0.69 24h volatility: 0.6% Market cap: $615.90 M Vol. 24h: $62.54 M , the native token of Lido DAO, a decentralized autonomous organization providing staking solutions for blockchain networks. Meanwhile, the altcoin hasn’t been performing as well as it should have, considering a 39.25% drop in its prices in the last year despite the broader market being bullish.
According to the data provided by Onchain Lens, a protocol focused on providing on-chain analytics, the whale swapped 1,512 WETH worth $4.93 million for 2.7 million LDO tokens at an average price of $1.82. The whale now holds a massive 5.74 million LDO, worth approximately $10 million based on the cryptocurrency’s currency price, incurring a floating loss of around $1.83 million.
LDO’s Impressive Numbers
As per the data from CoinMarketCap, LDO is trading at $1.76, down 3.3% in the past 24 hours and 90.57% from its all-time high of $18.62 seen over three years ago. In the past day, the altcoin claimed a daily high at $1.91 but failed to go above the $2 resistance level. The digital asset then dropped to a daily low of $1.69 but has since then recovered.
Lido is the largest decentralized finance (DeFi) protocol, with a total value locked (TVL) of $31.047 billion and a market capitalization of $1.58 billion. According to DefiLlama data, the 30-day revenue of the protocol stands at $8.56 million, while its 24-hour revenue stood at $331K. LDO is ranked as the 68th-largest cryptocurrency by valuation on CoinMarketCap.
Being the top Ethereum staking protocol, the new US president Donald Trump’s entity World Liberty Financial (WLF) has staked its ETH holdings via Lido Finance. A massive 4747 ETH ETH $1 582 24h volatility: 0.6% Market cap: $190.99 B Vol. 24h: $10.33 B were staked through the platform as Trump swore in as the new head of the state on January 20.
A report from DLNews unveiled that Lido plans to cater to institutions in the near future. The protocol will push for the adoption of its flagship product, stETH, which is a tradable version of stake Ether (ETH).
Lido DAO (LDO) Technicals
As per the chart provided by TradingView below, the Relative Strength Index (RSI) for the Lido DAO token reads a value of 48.78, which means that the bears are currently in control of the altcoin’s price action. Further, the gradient of the line suggests back-and-forth movement in the short term.
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Source: TradingView
Meanwhile, the accumulation levels for LDO rose in mid-November and have since then remained at the same level with short periods of volatility. If the buyers take over with volumes similar to that of November and early December, investors can expect the Lido DAO token to break $2 in the near future.
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