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.