Lido DAO price rally could continue amidst accumulation by institutions and bullish on-chain metrics


20 Nov 2023 1:21 PM

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  • On-chain data shows that these institutions have withdrawn significant amounts of LDO tokens from exchanges.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.

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You May Ask

Which institutions are likely accumulating Lido DAO tokens?What are the on-chain metrics supporting a bullish thesis for LDO's price?How have LDO's daily and weekly gains performed?What is the current price of LDO on Binance?

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