The dark clouds over the cryptocurrency market seem to be dissipating. Following the development in the Ripple case, the market regained upward momentum. Leading cryptocurrency Bitcoin visited over 30 thousand dollars today after a long break. Amid these developments, on-chain analytics platform Lookonchain reported that 2 investment companies have made significant space in their wallets for an altcoin.
Altcoin targeted by two investment companies: Lido DAO Token (LDO)
cryptokoin.comAs you follow from , institutional investors’ interest in the market is increasing. Spot Bitcoin ETF applications, especially from giant corporate companies, encourage this. Although the SEC has not approved for now, it is considered unlikely that these companies will reject their applications. Amid this positive atmosphere, analytics platform Lookonchain draws attention to the purchase of an altcoin by two investment companies. In this context, Lookonchain shared the following:
Not only is FalconX accumulating LDO, but Amber also appears to be accumulating LDO. An address associated with Amber withdrew 1.19 million LDO ($1.8 million) from Binance 5 hours ago and has accumulated 4.46 million LDO ($6.78 million) since August 18.
Not only #FalconX is accumulating $LDObut it seems that #Amber is also accumulating $LDO.
An address related to #Amber withdrew 1.19M $LDO($1.8M) from #Binance 5 hrs ago and has accumulated 4.46M $LDO ($6.78M) since Aug 18.https://t.co/aISj1L9A4Mhttps://t.co/L3vDrWauwT pic.twitter.com/vzv27dKDgB
— Lookonchain (@lookonchain) October 20, 2023
The Lido community will finalize its project on Polygon!
Yesterday Wu Blockchain announced that the Lido community has issued a proposal to terminate the Lido project on Polygon. According to the post, Lido’s current status at Polygon reveals several concerning issues. Lido has a Total Value Locked (TVL) of approximately $86 million on Polygon. Despite this, the annual revenue of the DeFi altcoin project is only $116,863. Moreover, Lido gave a significant amount of LDO tokens to Shard Labs as compensation. This raised questions about the expensive compensation structure.
The Lido community released a proposal to terminate the Lido project on Polygon, citing reasons including recent technical issues; uncertainty Polygon roadmap; no other staking providers on Polygon; it is recommended to focus on a native ETH liquid staking provider.…
— Wu Blockchain (@WuBlockchain) October 19, 2023
In addition, a recent technical upgrade introduced a withdrawal bug that poses a brand risk for the protocol. Uncertainty surrounding Polygon’s roadmap, competitive struggles, and lack of interest in liquid staking providers on Polygon are also cited as reasons for Lido’s concerns about Polygon. Wu Blockchain announced that Lido will now likely focus on a local Ethereum (ETH) staking provider. He also stated that he would do this in order to reduce some risks related to Polygon. Shard Labs, meanwhile, cut its already conservative incentives at Polygon by 75%. This shows a Blockchain stasis that Polygon has already become
Altcoin price performance
However, the price of LDO has increased by approximately more than 3% in the last 24 hours of trading. CoinMarketCap noted that at press time, LDO was trading at $1.54, a new daily high price for the altcoin. Meanwhile, LDO’s 24-hour trading volume is down just over 3% over the past day. As a result, it fell to $37 million. The losses experienced by LDO in the past day pulled its weekly performance into the red, decreasing it by 1.5%.
Following the price increase, LDO’s market cap stood at approximately 1,360. This ranked it as the 34th largest cryptocurrency in terms of market cap. Thus, it placed just behind Internet Computer (ICP) in 33rd place with a market capitalization of $1.392 million.
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