Lido DAO price rally could continue amidst accumulation by institutions and bullish on-chain metrics
Lido DAO token (LDO), a liquid staking token, is likely being accumulated by crypto asset management firms like Amber Group and trading firms like FalconX. ...
- Lido DAO (LDO) tokens are being accumulated by institutions, such as Amber Group and FalconX.
- On-chain data shows that these institutions have withdrawn significant amounts of LDO tokens from exchanges.
- Accumulation by institutional investors is typically bullish for an asset, as it reduces the circulating supply and selling pressure.
- On-chain metrics, including trade volume, supply on exchanges, and social dominance, support a bullish thesis for LDO's price.
- LDO has seen daily gains of 5% for holders and nearly 10% weekly gains.
- The current price of LDO on Binance is $2.497, up 5% for the day.
The article presents a bullish sentiment for Lido DAO (LDO) tokens. The accumulation by institutions, declining supply on exchanges, and positive on-chain metrics indicate a potential price increase for LDO.