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According to on-chain analytics firm Santiment, Lido DAO just saw its largest transaction in two years, worth over $135 million, as transaction volume soared.
Lido DAO (LDO) is the governance token of the decentralized autonomous organization (DAO) behind the liquid staking system.
😮 #LidoDao, the #35 asset in #crypto by market cap, has just seen its largest transaction in 2 years as over $135M worth of $LDO moved from one self custody address to a new one. The 70M coin transfer is the 8th largest move of all-time on the network. https://t.co/16DGERnaxo pic.twitter.com/16P2zN6FLW
— Santiment (@santimentfeed) May 6, 2023
Lido ranks as the 35th largest cryptocurrency with a market capitalization of $1.6 billion. Santiment notes that the massive $135 million worth of LDO was moved from one self-custody address to a new one.
It was also noted that the 70 million coin transfer was the eighth largest move of all time on the network. This comes amid a decline in large transactions on the Lido DAO network.
According to IntoTheBlock data, large transactions worth more than $100,000 peaked on the network on Feb. 8, with 138 large transactions performed. As of May 4, the number of large transactions on the network had fallen to 38, representing a 70% drop.
LDO price action
At the time of writing, LDO was up 3.17% in the last 24 hours at $1.85. LDO has steadily declined since reaching highs of $3.32 in mid-February. The token fell behind the daily MA 200 support at $1.91 in the past week as the crypto market's profit-taking continued.
If the correction resumes, 1,970 addresses bought 10 million LDO tokens between $1.54 and $1.74 with an average price of $1.64, thus marking a demand area.
On the other hand, Lido DAO must squash the short-term barrier near $2 to kick-start a fresh price increase.
Lido DAO submitted a proposal in February over whether it should sell or stake the $30 million in Ethereum from its treasury.