Crypto News

Lido DAO Sees Decline As Amber Group Recharges Tokens On Coinbase

Lido DAO, known for its decentralized autonomous organization providing liquid staking services for various blockchains, including Ethereum and Polygon, experienced a further decline of 6% today, nearing the $1.5 mark.

Recent on-chain data confirms reports that Amber Group, a prominent player in the crypto space, has once again recharged 1 million LDO tokens to Coinbase, amounting to approximately 1.73 million US dollars, just a few hours ago.

Series Of LDO Token Transfers Since May 8

This recent transaction adds to a series of moves by Amber Group, as since May 8, they have transferred a total of 2 million LDO tokens to the exchange, valued at 3.66 million US dollars. With 4.5 million tokens still remaining in the address, there is speculation that these tokens may be sold in batches in the near future, potentially impacting the market further.

The decline in Lido DAO’s value coupled with the consistent recharging of tokens by Amber Group underscores the volatility and activity within the crypto market. Investors are closely monitoring these developments, assessing their implications for the broader ecosystem and potential investment strategies.

As Lido DAO navigates through this period of decline, it remains to be seen how the market will react to the influx of tokens onto exchanges and whether further selling pressure will ensue. Amidst these uncertainties, investors are advised to exercise caution and stay informed about the latest market dynamics to make well-informed decisions.

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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