Main navigation

Lido DAO (LDO) Breaks Record With Largest Transaction in Years Worth $135 Million

Sun, 05/07/2023 - 15:16
article image
Tomiwabold Olajide
$135 million worth of LDO was moved
Lido DAO (LDO) Breaks Record With Largest Transaction in Years Worth $135 Million
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to on-chain analytics firm Santiment, Lido DAO just saw its largest transaction in two years, worth over $135 million, as transaction volume soared.

Lido DAO (LDO) is the governance token of the decentralized autonomous organization (DAO) behind the liquid staking system.

Lido ranks as the 35th largest cryptocurrency with a market capitalization of $1.6 billion. Santiment notes that the massive $135 million worth of LDO was moved from one self-custody address to a new one.

It was also noted that the 70 million coin transfer was the eighth largest move of all time on the network. This comes amid a decline in large transactions on the Lido DAO network.

According to IntoTheBlock data, large transactions worth more than $100,000 peaked on the network on Feb. 8, with 138 large transactions performed. As of May 4, the number of large transactions on the network had fallen to 38, representing a 70% drop.

LDO price action

At the time of writing, LDO was up 3.17% in the last 24 hours at $1.85. LDO has steadily declined since reaching highs of $3.32 in mid-February. The token fell behind the daily MA 200 support at $1.91 in the past week as the crypto market's profit-taking continued.

If the correction resumes, 1,970 addresses bought 10 million LDO tokens between $1.54 and $1.74 with an average price of $1.64, thus marking a demand area.

On the other hand, Lido DAO must squash the short-term barrier near $2 to kick-start a fresh price increase.

Lido DAO submitted a proposal in February over whether it should sell or stake the $30 million in Ethereum from its treasury.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.