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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Lido (LDO) Action Heats Up: Nearly 90% Of Holders See Profits On Crypto Climb

Christian Encila
Christian Encila
1 year ago
3 mins read
Lido

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The past week has been a triumphant one for Lido DAO, with its LDO token surging an impressive 22%, leaving a sluggish broader crypto market in its dust. This notable feat mirrors the 18% ascent of Ethereum, its underlying blockchain, showcasing a deep synergy between the leading liquid staking platform and its technological foundation.

But the good news doesn’t stop there. A staggering 87% of Lido DAO token holders are reaping the rewards of their investment, according to data from IntoTheBlock. This solid figure underscores the strong performance of LDO, attributed largely to its stellar weekly performance, as the crypto trading analytics platform noted.

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Lido Holders Get Good Returns From Their Investment

Following a strong price move by $LDO this week, ~87% of LDO addresses are now in profit. pic.twitter.com/3rLodKvK21

— IntoTheBlock (@intotheblock) January 10, 2024

Furthermore, Lido’s Total Value Locked (TVL), a crucial metric reflecting the amount of cryptocurrency deposited in its protocol, has also ballooned a remarkable 19% in tandem with the price hike.

Analysts attribute LDO’s ascent to a potent cocktail of factors. First and foremost, its symbiotic relationship with Ethereum. As the leading smart contract platform enjoys renewed momentum, projects built on its infrastructure – like Lido – relish the rising tide that lifts all boats.

Furthermore, Lido’s recent bounce back from a critical support level at $2.80 appears to have ignited a bullish fervor. Technical indicators whisper of a potential retest of the $3.60 resistance barrier, suggesting further upward potential.

Lido TVL. Source: Defillama

Adding fuel to the fire is the skyrocketing demand for Ethereum staking. Lido’s user-friendly model allows investors to earn rewards on their ETH without locking them up for extended periods, a flexibility that resonates deeply with yield-hungry crypto enthusiasts. This, coupled with Lido’s robust platform and proven track record, is attracting new users at a steady pace.

Strong TVL Numbers Put Lido In Contention

The surging TVL is a testament to this burgeoning trust. As more users deposit their ETH on Lido, the total value locked in the protocol increases, further validating its platform and potentially attracting even more participants. This positive feedback loop could propel Lido towards solidifying its position as the premier Ethereum staking solution.

LDO market cap currently at $3.3 billion. Chart: TradingView.com

However, a note of prudent caution remains. Lido’s recent upswing hasn’t been entirely organic. The absence of major platform-specific developments raises questions about the rally’s long-term sustainability. Additionally, a large token sale earlier triggered a temporary dip, highlighting the potential for volatility.

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Technical analysis also suggests that breaking the $3.60 resistance is crucial for continued upward momentum. Failure to do so could lead to a pullback, and investors should be prepared for such a scenario.

Ultimately, while Lido DAO is riding a wave of momentum, fueled by its association with Ethereum, its robust platform, and the ever-growing demand for liquid staking solutions, investors should approach with cautious optimism.

Featured image from Freepik

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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