After a quiet period, KR1, an initial member of Lido Finance’s DAO, has re-entered the market with significant $LDO transfers.
Recently, KR1 deposited 399,999 $LDO (worth $500,000) to Kraken and moved an additional 3.4 million $LDO ($4.25 million) to a new internal wallet, identified as 0x763. Since its initial allocation of 15 million $LDO from Lido Finance in December 2020, KR1 had shown limited activity until now.
Over the past three days, as the market rallied, KR1 deposited 599,999 $LDO to Kraken, averaging $1.249 per token for a total of $749,000. Currently, KR1’s holdings stand at 11.4 million $LDO, valued at approximately $14.25 million.
Last week, $LDO’s price dropped by over 10% within 24 hours after three primary Lido DAO members collectively offloaded $49.6 million worth of $LDO to centralized exchanges.
Here’s a closer look at the transactions:
1. Paradigm moved 36.51 million $LDO ($47.7 million) to Coinbase Prime, reducing its holdings to 33.49 million tokens valued at $41.9 million.
2. Delphi Digital transferred 859,703 $LDO ($1.13 million) to Wintermute Trading around four days ago.
3. KR1 deposited 600,000 $LDO ($749,000) to Kraken, and now holds 11.3 million $LDO, estimated at $14.25 million.
$LDO dropped over 10% in 24H after 3 initial Lido DAO members offloaded $49.6M worth of $LDO to CEXs during last week’s rally:
1/ #Paradigm deposited 36.51M $LDO ($47.7M) to Coinbase Prime, now holding 33.49M ($41.9M).
2/ #Delphi Digital moved 859,703 $LDO ($1.13M) to… https://t.co/0RrZfFd9He pic.twitter.com/EHs7efsexN
— Spot On Chain (@spotonchain) November 11, 2024
These high-volume transactions from DAO members have intensified market pressure on $LDO, triggering a downward trend. This shift reflects broader challenges for DeFi tokens, which are showing a weak start to the week amid heavy sell-offs by major holders.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/lido-dao-members-trigger-ldo-dip-amid-heavy-transfers-to-exchanges/