• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Lido (LDO) Surges Nearly 20%

Lido DAO (LDO) Surges Nearly 20% In The Past 7 Days, Here’s Why

Edyme by Edyme
2 weeks ago
in Altcoin
Reading Time: 3 mins read

In the fast-paced world of cryptocurrencies, Lido DAO (LDO) has made significant waves in the past week, experiencing an impressive surge of nearly 20%. Though the surge comes at a time the global crypto market is not deep in a downtrend, Lido’s current rally can be attributed to two notable factors.

Over the past seven days, LDO has recorded a significant spike, up by 16%. The asset has picked up from trading at a low of below $2 as of May 9 to trading at a high of $2.25, at the time of writing. Meanwhile, over the past 24 hours, the rally continues as the asset is currently up 6.3% with an increasing trading volume.

Whale Accumulation Fuels Lido’s Surge

One possible catalyst for Lido’s remarkable performance over the past 7 days is the increased buying activity by cryptocurrency whales. According to a recent report by Onchain analyst Lookonchain, three whale accounts have been observed accumulating LDO tokens.

Related Reading: Lido (LDO) Surges 16% In Single Day, Maintains Dominance In Liquid Staking Market

Notably, these whales have been seen transferring their LDO assets from centralized cryptocurrency exchange Binance to personal wallets, indicating a deliberate accumulation strategy. The magnitude of these whale transactions is noteworthy.

For instance, one address withdrew a substantial amount of 724,822 LDO tokens, valued at approximately $1.52 million, from Binance for $2.01 per token. Another whale withdrew 655,641 LDO tokens, equivalent to $1.38 million, from Binance at $1.83 per token.  Additionally, a third whale purchased 570,883 LDO tokens using 974,000 USDC for $1.71 on May 12.

This influx of capital from these significant players in the market has undoubtedly contributed to the surge in Lido’s value.

Lido V2 Launch Amplifies Momentum

Another driving force behind Lido’s recent upward trend is the launch of Lido V2. This highly anticipated upgrade brings several notable features to the Lido DAO ecosystem, enhancing its appeal to investors and participants. A key highlight of the V2 release is the ability for users to withdraw their staked Ethereum (ETH).

With the new Withdrawals page, Lido users can easily deposit their staked Ethereum tokens, such as stETH or wstETH, and receive ETH in return. Lido has streamlined the withdrawal process, reducing the withdrawal period to as short as 1-5 days.

This improvement not only enhances the liquidity and accessibility of staked Ethereum but also provides users with greater flexibility and control over their assets. Additionally, the V2 upgrade introduces a modular staking router, which promotes staking diversity among several cohorts.

Related Reading: Lido DAO (LDO) Holds 10% Gains On Weekly Chart While Majority Of Coins Shrink

Solo stakers, decentralized autonomous organizations (DAOs), and Distributed Validator Technology (DVT) clusters can now participate in staking activities through Lido, further expanding the network’s staking capabilities.

Lido DAO (LDO)'s price chart on TradingView
Lido DAO (LDO)’s price is moving sideways on the 1-Day chart. Source: LDO/USDT on TradingView.com

LDO’s price has already risen nearly 20% since the upgrade, with a market currently above $2 at the time of writing. Alongside the price surge, Lido DAO’s market capitalization has also experienced a notable rise. The market cap moved from $1.4 billion last Friday to $1.9 billion today.

Moreover, the trading volume of LDO has also witnessed a significant uptick over the same period indicating the increasing accumulation of the asset. Lido’s trading volume has surged from $47.4 million last Friday to more than $104 million in the past 24 hours.

Featured image from iStock, Chart from TradingView

Tags: ETHethereumLDOLidoStaking
Tweet123Share196ShareSend
Edyme

Edyme

Edyme is a Web3 writer and journalist. A mysterious figure in the world of crypto, a writer who has explored every aspect of the blockchain. Some say he's a trader, others claim he's a hacker. His writing is like a key to unlocking the secrets of the crypto world, and his words can move markets. Edyme's stories are like cryptographic puzzles, waiting to be solved. But who is he really? Some speculate that he's hiding behind a pseudonym, like the legendary Satoshi Nakamoto himself.

Related Posts

China coins

Here Are The Top 3 Chinese Coins To Buy As China Leads The Bull Run

2 days ago
Sui (SUI) Continues Downward Trend As Bears Maintain Control

Sui (SUI) Continues Downward Trend As Bears Maintain Control

3 days ago
Kava (KAVA) Price Rallies 10% In 7 days. Here's Why

Kava (KAVA) Price Rallies 10% In 7 Days – Here’s Why

4 days ago
Toncoin

Toncoin (TON) Continues Downward Trend As Bears Maintain Control

5 days ago
Altcoins

Altcoins Across The Sector Are Underbought: Santiment

5 days ago
Coinbase Base

When Is A Token Coming For Coinbase’s Base L2? Here’s What The Roadmap Says

6 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Best P2E Crypto Project Of The Summer! Big Eyes Coin...

    2 hours ago
  • Free Cryptocurrency! Earn Passive Income With Cardano...

    2 hours ago
  • Crypto Trio Shaking The Market: Polkadot, Litecoin, And...

    2 hours ago
  • TMS Network Disrupts the Industry, Exceeding Key Players...

    3 hours ago
  • InQubeta (QUBE) Soars Above Avalanche (AVAX) and NEAR...

    5 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.