blockchainreporter.net
The DeFi sector witnessed noteworthy movements throughout the week as Chun Wang (Stakefish and F2Pool’s co-founder) offloaded 600,000 $LDO tokens. As per Spot On Chain, a popular on-chain analytics platform, Chun Wang sold $667,000 in $LDO coins, marking Wang’s return following a 10-month hiatus. The analytics company revealed this event on its official social media account.
Chun Wang (@satofishi), F2Pool co-founder and Stakefish founder, just sold 600K $LDO for $667K again after 10 months.
— Spot On Chain (@spotonchain) November 21, 2024
As an initial Lido DAO member, he received 20M $LDO on Dec 17, 2020. Currently, he holds 8M $LDO ($8.69M).
Note that he’s the fourth initial Lido DAO member to… https://t.co/vfIZEYoIhj pic.twitter.com/CR0chS6OrI
Early Lido DAO Participant Sells $600,000 $LDO for $667,000 after Ten-Month Break
Spot On Chain revealed that Chun Wang’s sale of $600,000 $LDO for $667,000 denotes his return after a ten-month pause. As an early Lido DAO participant, he originally acquired 20M $LDO coins back in 2020’s December. At present, he retains 8M tokens with a value of nearly $8.69M. This sale is not a unique event. Wang is currently 4th earliest Lido DAO participant who offloaded a substantial part of the $LDO tokens thereof in November.
The trend of offloading $LDO coins started earlier in November as 3 other Lido DAO founding partners sold holdings. The respective event ignited a sheer market reaction. In this respect, on the 11th of November, Paradigm transacted 36.51M $LDO coins, valued at $47.7M, to Coinbase Prime. Irrespective of the sale, Paradigm still possesses 33.49M $LDO tokens with a value of $41.9M.
Moreover, the well-known investment and research platform Delphi Digital also shifted 859,703 $LDO coins (equaling $1.13M) to Wintermute Trading. This contributed to the expanding selling pressure on the overall market. Additionally, the investment company KR1 plc also deposited approximately 600,000 $LDO coins (almost $749,000) to the crypto exchange Kraken.
The $LDO Offloading by Early Members Triggers Concerns Amid Wider Volatility
Lido DAO has been offering resilient liquid staking solutions in the DeFi sector. However, the latest offloading by the early members of the platform raises concerns. According to Spot On Chain, despite the possibility for these sales to have occurred in routine profit-taking, the move raises questions amid the wider volatility concerns.