Despite recent speculation about a whale dump, the price of Lido DAO (LDO) has defied expectations, experiencing a 2.92% increase to reach $2.87 over the past 24 hours, countering the downward trend of the previous week.

Reports surfaced a few hours ago indicating that MakerDAO founder Rune Christensen (@RuneKek) withdrew 300,000 LDO tokens valued at $870,000 from a multi-signature address.

六小时前，MakerDAO 创始人Rune Christensen(@RuneKek) 从多签地址中取出 30 万枚 LDO（价值 87 万美金），转移至地址 0x0f8…C3394 后以均价 $2.79 卖出其中 5 万枚 $LDO

目前多签地址 0xf65…FDA5d 仍持有 204.7 万枚 LDO，价值 598 万美金

钱包地址 https://t.co/sA9HirRm5j pic.twitter.com/K0o6kihx4w

— Ai 姨 (@ai_9684xtpa) February 8, 2024

He subsequently transferred them to address 0x0f8…C3394 and sold 50,000 tokens at an average price of $2.79 per token.

LDO Price Action To Monitor While In These Large Transfers

Presently, the multi-signature address 0xf65…FDA5d still retains 2.047 million LDO tokens, totaling $5.98 million.

$LDO experienced a notable surge from $2.8 to $3.1 in the past 24 hours, followed by a swift decline back to the $2.8 trading zone. 

Despite this volatility, the token remains up by nearly 3% within the 24-hour period.

The resilience of Lido DAO’s price amidst concerns of whale activity underscores investor confidence in the project’s fundamentals and its ability to weather market fluctuations.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: peshkov/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ February 8, 2024 10:52 pm