Lido DAO (LDO) Hits 52-Week High Amidst Whale Activity

• On January 6, the cryptocurrency reached a new 52-week high of $3.60.
• A whale withdrew 450,000 LDO tokens, which were worth around $1.5 million.

The DeFi token Lido DAO (LDO) gained attention because of its spectacular price increase. On January 6, the cryptocurrency reached a new 52-week high of $3.60 and gained more than 15% as per data from CoinMarketCap.

Spot On Chain reported on twitter that in the wee hours of Saturday, a whale trader going by the name of 0xfc9 made a large move on Coinbase. This trader made a swap, exchanging Render for Lido DAO.

A whale withdrew 450,000 LDO tokens, which were worth around $1.5 million, and deposited 750,000 RNDR, which were worth about $3.01. The market was quite volatile when these deals were made.

After that, the price of RNDR fell by 11% on the last day. At the same time, the price of LDO increased by 15%. Totaling $8.95 million, the trader locked in earnings by trading seven additional tokens, including Fetch.ai (FET) and Aave (AAVE).

Significant Gains

After reaching a 52-week high of $3.60, the price ascent of Lido DAO tapered off. The LDO price was trading at $3.28, up 3.54% in the last 24 hours as of this writing. From its previous peak, this indicates a decline of more than 10%.

However, LDO has achieved a rather remarkable gain of around 30% in the last 30 days. Aside from that, its value has increased by more than 119% in the last year. Although there has been some positive news recently, the cryptocurrency is still selling way below from its all-time high of $11.

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