Lido DAO Surges By More Than 57% in Just A Week – More Gains Up Ahead?

Christian Encila

2 years ago

3 mins read

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Lido DAO (LDO), the native cryptocurrency of Lido Finance, significantly increased its total market capitalization which now stands at $1.25 billion.

This no longer comes as a surprise as the crypto asset is in the midst of an incredible run that enabled it to post double-digit gains on its intraday, weekly, bi-weekly and monthly charts.

At press time, according to data from Coingecko, LDO is changing hands at $1.51, increasing its value by 13% during the last 24 hours.

Over the previous seven days, the digital token went up by 56.5% while also posting a bi-weekly gain of 60% and monthly increase of 50%.

Already in the middle of an impressive showing, some analysts believe that Lido DAO still has room for improvement, thanks to a new upcoming ETH upgrade.

Image: The Crypto Times

Lido Expected To Benefit From ETH Shanghai Upgrade

According to a recently released analysis, Lido Finance, at the time of this writing, is responsible for nearly 30% of all staked ETH tokens, making it the largest liquid staking platform for Ethereum right now.

It has been noted that the demand for the platform increased dramatically after Ethereum switched from proof-of-work to proof-of-stake mechanism back in 2022.

Moreover, the analysis stated that the blockchain’s upcoming Shanghai fork will enable users to withdraw their staked ETH tokens which, in turn, is expected to encourage more people to stake through Lido Finance. This will then increase the demand for the project’s native token.

Some experts believe that these are just some of the triggers that helped the crypto asset go up by more than 55% in just seven days and will also play a vital role in the altcoin’s attempt to sustain its bullish run.

LDO total market cap at $1.28 billion on the weekend chart | Chart: TradingView.com

… But LDO Could Lose Its Momentum

Although things are looking good right now, there’s still a chance that LDO could enter a price correction phase that will not only halt its upward movement but will also make it lose most, if not all of its current gains.

LDO is currently in an overbought territory and has reached a point for psychological take-profit zone which are indications of an impending intense selling pressure.

There is also a noticeable drop in the number of LDO tokens being held by its top addresses, indicative of whales selling their holdings. This is expected, given the massive surge that Lido DAO has made over the last few days which presents an opportunity for investors to take profit.

If these conditions don’t change, there’s a high possibility that the crypto asset’s incredible run will come to an abrupt end and it will return into its previous bearish track.

-Featured image: Coinpedia

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.

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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