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Whales accumulate Lido – Will prices budge?

  • Whales started to show interest in LDO. 
  • Lido protocol continued to make efforts to improve the state of the network.

Lido [LDO], one of the most prominent liquid staking protocols, recently saw a massive uptick in whale interest.

Whales move in

According to Lookonchain’s data, since 2nd October, a whale has been actively involved, purchasing 2 million LDO for a total of $3.6 million at an approximate rate of $1.79 each.

As of press time, the whale is enjoying a profit of approximately $1.4 million.

Taking a strategic move, the whale opted to deposit the entire 2 million LDO, now valued at $5 million, into Aave. From this deposit, the whale borrowed a sum of 1.56 million USDT.

The intention behind this move is to utilize the borrowed funds to acquire even more LDO, potentially capitalizing on market opportunities and further enhancing their investment strategy.

The whale’s actions could impact LDO in a few ways. First, by buying a lot of LDO, the whale is showing confidence in the cryptocurrency. This might attract other investors, making LDO more popular.

Second, depositing $5 million worth of LDO into Aave could affect the overall supply and demand. If more people want to borrow LDO, it could drive up its value.

On the flip side, if the whale decides to sell a significant amount of LDO later, it might lead to a temporary drop in its value. Other investors might see this as a signal and adjust their strategies.

In simple terms, the whale’s moves influence how other people see and interact with LDO, which can impact its price in the cryptocurrency market.

Will things change for LDO?

Despite the interest from whales, the price of LDO fell by 2.27% in the last 24 hours. However, the whale interest shown in the token, coupled with the growth of the protocol, the price movement of LDO could reverse.

Is your portfolio green? Check out the Lido Profit Calculator

Moreover, Lido’s deployment on the Base network and other developments could help improve the prospects of the price further.

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