Crypto News

Lido DAO Members Trigger $LDO Dip Amid Heavy Transfers To Exchanges

After a quiet period, KR1, an initial member of Lido Finance’s DAO, has re-entered the market with significant $LDO transfers.

Recently, KR1 deposited 399,999 $LDO (worth $500,000) to Kraken and moved an additional 3.4 million $LDO ($4.25 million) to a new internal wallet, identified as 0x763. Since its initial allocation of 15 million $LDO from Lido Finance in December 2020, KR1 had shown limited activity until now.

Over the past three days, as the market rallied, KR1 deposited 599,999 $LDO to Kraken, averaging $1.249 per token for a total of $749,000. Currently, KR1’s holdings stand at 11.4 million $LDO, valued at approximately $14.25 million.

Last week, $LDO’s price dropped by over 10% within 24 hours after three primary Lido DAO members collectively offloaded $49.6 million worth of $LDO to centralized exchanges.

Here’s a closer look at the transactions:

1. Paradigm moved 36.51 million $LDO ($47.7 million) to Coinbase Prime, reducing its holdings to 33.49 million tokens valued at $41.9 million.

2. Delphi Digital transferred 859,703 $LDO ($1.13 million) to Wintermute Trading around four days ago.

3. KR1 deposited 600,000 $LDO ($749,000) to Kraken, and now holds 11.3 million $LDO, estimated at $14.25 million.

These high-volume transactions from DAO members have intensified market pressure on $LDO, triggering a downward trend. This shift reflects broader challenges for DeFi tokens, which are showing a weak start to the week amid heavy sell-offs by major holders.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: wirestock/123RF // Image Effects by Colorcinch