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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Compound (COMP) Surges

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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.

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

2 years ago

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

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

1 year ago

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

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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