Lido DAO (LDO) has experienced a substantial surge of almost 20% in the fast-paced world of cryptocurrencies in the past week. This significant spike comes at a time when the global crypto market is not deep in a downtrend, and it can be attributed to two notable factors. Over the past seven days, LDO has recorded a significant spike, up by 16%. The asset has increased from trading at a low of below $2 on May 9 to trading at a high of $2.25, at the time of writing. Furthermore, a notable increase in buying activity by cryptocurrency whales is one possible catalyst for Lido’s remarkable performance over the past seven days. According to a recent report by Onchain analyst Lookonchain, three whale accounts have been observed accumulating LDO tokens. The trading volume of LDO has also increased significantly, indicating an increasing accumulation of the asset. Lido’s current rally can also be attributed to the launch of Lido V2, which adds several notable features to the Lido DAO ecosystem, enhancing its appeal to investors and participants. It introduces a modular staking router and allows solo stakers, decentralized autonomous organizations (DAOs), and Distributed Validator Technology (DVT) clusters to participate in staking activities through Lido. With the new Withdrawals page, Lido users can deposit their staked Ethereum tokens and receive ETH in return, which enhances the liquidity and accessibility of staked Ethereum and provides users with greater flexibility and control over their assets. LDO’s price has already risen nearly 20% since the upgrade, with a market above $2 at the time of writing. Alongside the price surge, Lido DAO’s market capitalization has also experienced a notable rise. The influx of capital from significant players in the market has undoubtedly contributed to the surge in Lido’s value.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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