Lido DAO (LDO) has emerged as one of the top gainers in the crypto market, fueled by increased whale accumulation and broader positive sentiment in the sector. The token surged by 33% in the past 24 hours, reaching a price of $1.40, with a market capitalization of $1.26 billion and daily trading volume surpassing $300 million.
The bullish rally began after Bitcoin’s price hit an all-time high of over $75,000 following Donald Trump’s victory in the U.S. presidential elections on November 6, 2024. However, despite this recent surge, Lido DAO is still significantly down from its all-time high of $18.60, recorded in November 2021.
Data reveals that Lido DAO’s Relative Strength Index (RSI) has surpassed the critical 80 mark, signaling that the asset may be entering overbought territory. This technical indicator suggests that the rapid price increase may lead to a potential correction, but the continued whale interest is fueling optimism.
Whale Activity Sparks Price Surge
On-chain data from IntoTheBlock shows a significant increase in whale activity, with large holder net inflows of LDO spiking from 645,000 tokens to a staggering 69.26 million tokens within a single day. This marks the highest whale net inflow for Lido DAO since May 2023 when the token was trading around the $2 mark.
Whale accumulation typically drives price movements, and the significant inflow of large holders often triggers a “fear of missing out” (FOMO) among smaller investors. This heightened demand from whales could further drive volatility, as more than 60% of Lido DAO’s total supply is concentrated in large addresses. The recent spike in whale activity is likely to continue influencing LDO’s price dynamics, with market-wide FOMO potentially contributing to increased price fluctuations in the coming days.
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