In the cryptocurrency market, Lido DAO’s governance token LDOhas experienced a significant increase in price due to increased whale activity and a decrease in the token’s availability on exchanges. The price of LDO has increased by 51% in the period from October 8 to today, a movement closely linked to several important developments observed in the token ecosystem.
Koinfinans.com As we reported, during this period, the supply of LDO tokens held on exchanges decreased from 7% to 5.52%. This decrease in exchange supply typically indicates a lower selling trend among token holders. This could ease the downward pressure on the asset’s price. This shift was accompanied by LDO’s steady withdrawal from exchanges. This is a pattern that often supports price growth, as it indicates holders are moving tokens to private wallets for long-term holding or other purposes.
The upward trend is further supported by on-chain metrics showing increased activity among LDO holders. There has been an increase in the number of active addresses and transaction volume, reflecting the price increase of the token. This increased activity indicates growing interest and commitment to LDO.
Adding to the positive outlook, there are also statistics revealing a significant increase in the number of high-value LDO addresses. Specifically, the number of addresses holding $1 million to $10 million worth of LDO tokens increased by 19.76%, while addresses holding $10 million or more increased by an even more impressive 65.74%.
Currently, LDO is trading at $2,459 and this looks set to maintain bullish momentum in the short term, supported by encouraging on-chain indicators. Recent developments suggest growing interest from larger investors and a potential shift in owners’ behavior towards accumulation and away from immediate selling on the stock markets.