Amidst the struggle of Bitcoin (BTC) to maintain its position above $40,000 and Ethereum’s challenge around the $2200 mark, the overall sentiment in the cryptocurrency market leans towards bearishness.
However, amidst this prevailing sentiment, Lido ($LDO) stands out as one of the altcoins exhibiting a slight bullish trend. In the last 24 hours alone, $LDO has recorded an impressive 8% gain, and over the past month, it has surged by 28%.
Despite the positive trajectory, an on-chain analysis from Lookonchain reveals notable activity involving a whale identified as 0xbee, linked with @ambergroup_io. This whale recently deposited a substantial amount of Lido tokens—10.89 million $LDO, valued at $32.81 million—into Coinbase at an average price of $3.014.
Whale 0xbee (linked with @ambergroup_io) deposited all 10.89M $LDO ($32.81M) to #Coinbase at $3.014 ~2 hours ago.
The whale withdrew those tokens from #Binance at $2.076 on avg from Aug to Dec 2023.
Selling now would yield an estimated profit of $10.21M (+45.1%).
For more… https://t.co/cHhaVWWf0T pic.twitter.com/J303I3b1S0
— Spot On Chain (@spotonchain) January 26, 2024
Lido $LDO Price Action To Watch
Interestingly, these tokens were withdrawn from Binance at an average price of $2.076 between August and December 2023. The potential profit from selling now is estimated at $10.21 million, reflecting a significant increase of 45.1%.
Currently, $LDO is trading at $3.06, maintaining its bullish momentum despite broader market fluctuations.
The movement of significant volumes of $LDO tokens by whales such as 0xbee underscores the dynamic nature of cryptocurrency markets and the strategic decisions made by large stakeholders. As investors monitor these developments, the performance of $LDO serves as an intriguing indicator amidst the evolving landscape of digital assets.
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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