Crypto News

Lido DAO (LDO) Sees Price Rise Despite Whale Dump Concerns

Despite recent speculation about a whale dump, the price of Lido DAO (LDO) has defied expectations, experiencing a 2.92% increase to reach $2.87 over the past 24 hours, countering the downward trend of the previous week.

Reports surfaced a few hours ago indicating that MakerDAO founder Rune Christensen (@RuneKek) withdrew 300,000 LDO tokens valued at $870,000 from a multi-signature address.

He subsequently transferred them to address 0x0f8…C3394 and sold 50,000 tokens at an average price of $2.79 per token.

LDO Price Action To Monitor While In These Large Transfers

Presently, the multi-signature address 0xf65…FDA5d still retains 2.047 million LDO tokens, totaling $5.98 million.

$LDO experienced a notable surge from $2.8 to $3.1 in the past 24 hours, followed by a swift decline back to the $2.8 trading zone. 

Despite this volatility, the token remains up by nearly 3% within the 24-hour period.

The resilience of Lido DAO’s price amidst concerns of whale activity underscores investor confidence in the project’s fundamentals and its ability to weather market fluctuations.

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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