- Lido wallet addresses with LDO tokens worth $10 million and higher have increased by 65.74% in the past month.
- The rising count of whales is accompanied by declining selling pressure on the asset – ideal for LDO price to extend its gains.
- LDO price yielded 22% gains for holders over the past week.
Lido DAO’s governance token LDO noted accumulation by large wallet investors over the past month. LDO price rallied 51% in 30 days, yielding massive gains to the token’s holders. Two bullish catalysts, the declining supply of LDO tokens on exchanges and the rising count of whales, could drive Lido DAO’s price even higher.
Also read: Polygon powers Layer 2 network, aims to connect 50 million users to Ethereum
These bullish catalysts support LDO price gains
Based on data from crypto intelligence tracker, the governance token’s recent gains are likely here to stay. The supply of LDO on exchanges plummeted from 7% of the token’s total supply on October 8 to 5.52% on November 15.
Another on-chain metric that adds credence to the bullish thesis is exchange netflow. There has been a consistent outflow of LDO tokens from exchange platforms, supporting the asset’s price gains.
 [12.03.51, 15 Nov, 2023]-638356318420858695.png)
LDO Supply on Exchanges and Exchange Flow Balance
The token’s Active Addresses (over 24hrs), Volume and Network Growth imply LDO price gains are sustainable. Alongside LDO price rally, active addresses and volume increased, supporting LDO’s gains and signaling a rise in LDO token holders’ activity.
 [12.05.00, 15 Nov, 2023]-638356318698605780.png)
Active Addresses 24hr, Volume and price
 [12.05.06, 15 Nov, 2023]-638356318971744087.png)
Network Growth and price
A key metric that measures addresses with large LDO balances is supportive of the bullish thesis. In the past 30 days, LDO addresses with tokens equivalent to $1 million to $10 million and higher, climbed by 19.76% and 65.74% respectively. A rising count of large wallet addresses is typically a bullish sign for an asset.
LDO addresses by USD balance and price
At the time of writing, LDO price is $2.459. Lido DAO’s governance token is likely to extend its gains in the short-term, supported by bullish on-chain metrics.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.