The LDO token was observed to be on the receiving end of massive interest from Ethereum [ETH] whales. The huge interest from large investors could provide LDO with a much needed support to grow.
Here’s AMBCrypto’s Price Prediction for Lido [LDO] for 2022-2023
Deep pockets to fill
According to a tweet dated 30 October by WhaleStats, a crypto whale tracking platform, LDO was amongst top 10 purchased tokens among 100 biggest ETH whales in the last 24 hours. Furthermore, the whales were also observed to be holding $1 million dollars worth of stETH at the time of writing.
Check the top 100 whales here: https://t.co/N5qqsCAH8j
— WhaleStats (tracking crypto whales) (@WhaleStats) October 29, 2022
As can be seen from the image below, Ethereum staked with Lido also showed massive amounts of growth. This reaffirmed the fact that the general interest behind Lido staked ETH also surged.
The interest in stETH may have impacted Lido in terms of its TVL as well. According to DeFiLama, Lido’s TVL grew from $6.03 billion all the way to $7.5 billion over the past month.
Coupled with he aforementioned information, the amount of fees and revenue generated by Lido also increased over the past few weeks. At press time, the amount of fees generated by Lido in the last 24 hours was $1.2 million and the revenue generated was $120,000.
The LDO token also showed improvements in its performance. Over the last few weeks, the number of Lido’s daily active addresses increased immensely. During the same period, its network growth showed improvements as well as can be seen from the image below.
An increasing network growth implies that the amount of new addresses that transferred LDO for the first time had increased. This inferred that the new addresses may be showing interest in LDO.
However despite this growth, Lido token performed poorly in other areas. Its volume for instance, depreciated from 61 million to 32 million in the past week. Furthermore, LDO’s velocity depreciated as well indicating that the frequency with which LDO was being transferred had decreased. These factors coupled with a declining Market Value to Realized Value (MVRV) ratio could paint a negative outlook for LDO in the coming future.
At the time of writing, LDO was trading at $1.53 and had depreciated by 8.66% in the last 24 hours. Its volume had depreciated by 7.08% as well in the same time period.