Why Whales Acquired $5 Million in Lido Finance (LDO)?

When looking at its seven-day and fourteen-day chart, Lido Finance (LDO) has been seeing an astounding rise in recent price and trading activity despite the challenging market conditions.

At the time of this writing, one token is worth $1.38, representing an increase of 45.7% over the course of the previous week and of 47.9% over the course of the previous fourteen days, and an $83.6 million 24 trading volume.

Whales Pile Up On LDO

The most recent increase in price for Lido Finance on the market seems to have been followed by a significant increase in the amount of purchasing power coming from a variety of accounts on the network.

According to the data obtained from the blockchain that was made available by LookOnChain, investors were given about 5 million dollars’ worth of tokens. It is not quite obvious what motivated the most recent surge at this time.

The data further shows that out of the 3.5 million tokens that were distributed, approximately half a million were afterward sold on the market at an average price of $1.37 each.

Despite the fact that the amount is sufficient to put pressure on an asset that was already not the most profitable investment on the market, LDO was able to effectively navigate the surge in selling activity and maintain a stable price throughout the ordeal.

Investors who keep a close eye on the Ethereum staking market should pay attention to how the price of LDO Itself performs since it is a crucial indication. Lido Finance is regarded as a leading liquidity source for all Ethereum speculators and investors.

Interestingly, on January 1, the price of the underlying token for Lido suddenly began to go higher, demonstrating a strong price performance and jumping ahead of the market. Retail investors have paid more attention to the asset as a result of a significant jump in the amount of money that has been invested in it.

During these times of uncertainty, it is heartening to witness a coin see such growth. We can only hope that this is the beginning of greater things to come!

Source: https://coinpedia.org/news/why-whales-acquired-5-million-in-lido-finance-ldo/