• 14 July, 2024
Market News

Lido DAO’s Price Surge: Whales Flock as LDO Tokens Rally 51% in 30 Days

In a significant turn of events, Lido DAO’s governance token, LDO, has witnessed a remarkable 51% surge in the past 30 days, propelling it to new heights. The surge is accompanied by a notable increase in the number of Lido wallet addresses holding LDO tokens worth $10 million and higher, marking a staggering 65.74% rise in the last month alone.

This surge in large wallet investors is complemented by a simultaneous decrease in selling pressure on the asset, creating an ideal environment for the extension of LDO’s gains. Over the past week, LDO prices yielded a remarkable 22% gain for its holders, adding to the overall positive momentum.

Two key catalysts are driving this upward trajectory. Firstly, the supply of LDO on exchanges has witnessed a sharp decline, dropping from 7% of the token’s total supply on October 8 to 5.52% on November 15. This reduction in available supply is a crucial factor supporting the token’s price gains.

Lido DAO’s native token, LDO, currently trades at $2.49, reflecting an impressive 27.28% surge over the past week. With a market cap of $2,215,993,899, LDO holds the 31st position in market rankings. The 24-hour trading volume is $202,554,805, contributing to a volume-to-market cap ratio of 9.14%. Notably, Lido DAO’s robust performance, highlighted by its market cap and trading volume, underscores its growing prominence in the cryptocurrency landscape, positioning it as a noteworthy player.

Another compelling on-chain metric supporting the bullish narrative is the consistent outflow of LDO tokens from exchange platforms, further solidifying the asset’s price gains. The sustained increase in active addresses over the past 24 hours and a rise in trading volume and network growth underscores the sustainability of LDO’s price gains.

The data also reveals a key metric signaling the bullish thesis—addresses with large LDO balances. Over the last 30 days, addresses holding LDO tokens equivalent to $1 million to $10 million and higher have increased by 19.76% and 65.74%, respectively. This surge in large wallet addresses is often regarded as a bullish indicator for the asset.

As Lido DAO’s price rally gains momentum, the convergence of positive indicators, including declining token supply on exchanges and a surge in large wallet addresses, positions LDO for potential further gains in the near future. Investors and crypto enthusiasts are closely watching the evolving dynamics of Lido DAO, anticipating continued positive momentum in the coming weeks.

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