Lido DAO Price Shoots By 53% in Past 7 Days; Here’s Why

Lido DAO (LDO) token has emerged as one of the top choices of the largest of the Ethereum (ETH) whales over the last 24 hours. This activity has helped the LDO tokens to register a whopping surge amid the tumbling crypto market.

Lido DAO tops Eth Whales tally

According to the WhaleStats, LDO barged into the tally of the top 10 tokens purchased by the ETH whale wallets. A wallet named ‘Saitama’ bought more than $2.32 million worth of Lido DAO tokens. This accumulation came out in just one transaction.

Meanwhile, the same whale is holding around $95.4 million worth of USDC tokens. This signals that it is ready to accumulate more tokens.

Data depicts that LDO is also on the list of tokens with the highest trading volume used by the ETH whales. Meanwhile, Lido DAO token’s 24 hour trading volume has skyrocketed by over 400% to stand at $142.3 million.

Lido DAO tokens’ prices have jumped by over 21% in the last 24 hours. It is trading at an average price of $1.07, at the press time. The token price has registered a surge of more than 85% over the past 30 days. However, it is still trading lower by 94% from its all time high.

LDO TVL up by 3% in last 30 days

According to Lido, its total value locked (TVL) has increased by 3% over the past 30 days to stand at $5.28 billion. This surge has come amid the recorded drop in the total DeFi TVL in the same period of time. It now stands at $76.7 billion with a drop of around 2.8%.

It added that Lido’s TVL dropped by around 1.5% over the past 7 days. However, this decrease was recorded due to the fall in Ethereum’s price by 2%.

As per data, over 4.12 million ETH is now staked on the platform with an APR of around 4%. Its share of staked Ethereum (stETH) now stands at 31.53%. Meanwhile, stETH/ETH rate dropped from 0.9732 to 0.9615 in just 10 hours on July 12.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.