The price of Lido DAO has been skyrocketing while the protocol secures a top spot in TVL, overtaking MakerDAO. But is it approaching a price dump?
Lido DAO (LDO) was one of the key gainers on Monday, with a surge of nearly 16%. It is a liquidity-providing solution that gives staking rewards to users if they lock their assets with the protocol.
The Lido Decentralized Autonomous Organization (DAO) makes necessary decisions through voting by the holders of the LDO tokens.
Lido DAO Secures Top Spot in the Total Value Locked
According to data from DefiLlama, Lido DAO has dethroned MakerDAO for the top spot in the Total Value Locked (TVL). The TVL of all the protocols combined stands at $39.02 billion, with Lido DAO dominating 15.35%. It has a TVL of nearly $6 billion, whereas MakerDAO is not much behind with $5.94 billion locked. Aave stands in the third position with a TVL of $3.74 billion.
According to the official website, the users have staked over $5.89 billion in Ethereum, $26.28 million in Solana, and $45.66 million in Polygon. Users have also staked nearly $11 million in Polkadot and approximately $2.26 million in Kusama.
The Price Skyrockets but is the Whale Planning to Sell the Pump?
Upon the price rise on Monday, an LDO whale 0x1f38 transferred 300,000 tokens to 0x0287. The whale previously used 0x0287 wallets to transfer the Lido DAO tokens to Binance. They have not moved the recent 300,000 tokens to any exchange yet, but will they?
According to Lookonchain, the whale often sells when the price is high. The wallet selling LDO since Jan. 2022 currently holds over 14.4 million tokens. Is a dump incoming?
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.