Lido’s DAO Token Skyrockets, Boosted by Ethereum’s Value Rise
Lido’s impressive performance brings 87% of LDO holders into the profit zone
Lido’s DAO token (LDO) has recently shown an impressive performance. According to data from IntoTheBlock, about 87% of LDO holders are in the profit zone. This is due to the strong seven-day performance of LDO, which recorded an increase of 18.97%. Thus, the token has outperformed many altcoins, including Solana (SOL) and Ripple (XRP).
The rise of LDO and Lido’s TVL
Although there have been no major developments at Lido recently, our team was able to determine that the price increase could be linked to Ethereum (ETH). At the time of publication, the value of ETH was at $2,653, which corresponds to an increase of 18.48% – a similar performance to LDO. This suggests that tokens associated with the Ethereum blockchain are likely to move in the same direction as ETH.
Lido’s support for Ethereum after the merge means that it falls into this category. A look at the prices of Arbitrum (ARB) and Optimism (OP) showed that they too followed ETH.
In addition to the LDO price, there were also other movements in the Lido Finance ecosystem. According to an analysis of data from DeFiLlama, Lido’s Total Value Locked (TVL) has increased significantly. At the time of publication, the TVL was at $24.77 billion, which corresponds to an increase of 19.13% in the same period in which the LDO price rose to $3.79.
The significance of the rise in TVL
The rise in TVL shows the relevance of the Lido project in the market. It also shows increased activity on the protocol created under the Lido protocol, as market participants trust the ecosystem to give them more returns.
It is worth mentioning that this TVL value is the highest since the introduction of Lido. Another indicator that reached a peak were the active addresses. According to Santiment, the 24-hour active addresses of LDO reached 1123 on January 11.
Active addresses and bullish signals
Active addresses show the daily interaction or speculation level around a token. Therefore, the increase in this indicator suggests that many addresses were involved in LDO transactions. This is considered a bullish signal.
If network activity continues to rise, LDO could rise to $4 in the short term. Similarly, social dominance rose to 0.40% on the same day. Social dominance measures the unique social volume associated with a project. For Lido, the increase means an interest in the project.
Outlook for LDO
Despite recent movements, the LDO price could decline. However, investors should keep an eye on the ETH price. If the altcoin rises to $3,000 as predicted in some forecasts, LDO could reach a new all-time high.
Sources: IntoTheBlock, DeFiLlama, Santiment
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