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Lido DAO (LDO) Price Soars 10% Amid Massive Institutional Buying

source-logo  coingape.com 20 November 2023 14:35, UTC

Lookonchain, a platform offering on-chain metrics, recently unveiled data showcasing enormous whale transfers revolving around the LDO token today, November 20.

The colossal amounts of Lido coins transferred from exchanges to wallets caught the eyes of crypto market enthusiasts globally as two whales withdrew millions of coins from crypto exchanges over the past few days amid the price surge witnessed by the token.

Simultaneously, the LDO price experienced a substantial price jump at the time of writing, displaying positive market sentiments within the world of cryptocurrencies.

Whales Accumulating Lido DAO

As per the market data offered by Lookonchain, an unknown wallet, 0x011D19…4e27, withdrew 1.47 million LDO from Binance, the world’s leading cryptocurrency exchange, today. The amount withdrawn totals $3.6 million as of writing.

Besides, according to on-chain data, the same wallet caught the eyes of crypto traders and investors as it withdrew 5.9 million LDO, amounting to $14.5 million, over the past few days, through a series of transactions.

Lookonchain chart for wallet 0x011…4e27

Furthermore, another wallet, FalconX, withdrew 1.26 million LDO, amounting to $3.1 million, from Binance today. The wallet address FalconX has withdrawn 4.9 million LDO to date, amounting to $12 million.

Lookonchain chart for wallet FalconX

The aforestated whale movements nabbed significant attention throughout the crypto realm as these transfers were done amid the LDO price rally.

The accumulation of cryptocurrencies by whales usually portrays a possible bullish sentiment orbiting the token as the circulated supply declines, resulting in a possible surge in demand and price.

Also read: Philippines Makes Historic Move With $270 Mln Maiden Tokenized Bond Sale

Lido DAO (LDO) Price Report

The Lido DAO price noted a significant surge of 10.92%, reaching $2.52 as of writing. The current LDO price evaluates to an all-time monthly high, surging 64.38% over the past month. Moreover, the coin was marginally up by 7.48% over the past week.

The aforementioned price surge seems to come in alignment with the recent accumulation of colossal amounts of LDO by whales as the token’s availability on exchanges decreases.

Also read: AI Crypto Tokens GRT, AGIX, & OCEAN Surge Amid OpenAI’s Chronicle

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