$LBR, a project in the LSDfi space, launched by an anonymous team with backing from Tornado Cash funds and endorsed by prominent figures like Blurr.eth ($RFD deployer) and Michael Patryn (@0xSifu), has encountered a substantial downturn.
The project witnessed a remarkable TVL surpassing 100M within a month of its inception but has recently experienced a sharp decline of 48% in the past week and a substantial 62% decrease in the last month.
$LBR price has dropped by 44% in the past 7 days. What is happening?
We covered the $LBR project a year ago, and one key point is that a large portion of TVL is contributed by a group of KOLs and anonymous addresses. Those strong supporters seem to have recently dumped all their… https://t.co/L8lLfzCDr1 pic.twitter.com/ZLhDS7x9aO
— Spot On Chain (@spotonchain) February 4, 2024
A considerable portion of the Total Value Locked (TVL), notably contributed by key opinion leaders (KOLs) and anonymous entities, seems to have swiftly offloaded their $LBR tokens.
Key $LBR Holders Seems To Have Liquidated Their Positions
Blurr.eth, the leading staker in LBR, who previously staked over 34K $ETH (approximately $70M), has liquidated their entire token holdings, with the latest transaction recorded on January 15, 2024.
Sifuvision.eth, ranking among the top 5 stakers with over 6K $ETH staked (approximately $13M), has similarly divested all their tokens, with the most recent action just a day ago.
Czsamsunsb.eth, another significant staker, previously locking 4K $ETH (approximately $8M), has followed suit, dumping all their tokens within the past day.
Even influential KOLs have joined the trend of divestment. The uncertainty looms over $LBR’s ability to stage a recovery, given its significant plunge from $1.5 to $0.36 in the last 30 days.
The withdrawal of staking portions has led to a substantial drop in the TVL of the Lybra project.
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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