Over 4 Million Lido DAO (LDO) Tokens Transfer to Exchanges Sparking Fear

With the larger crypto market down once again, Lido DAO prices rebounded back to lower levels after charting a short-term recovery. The post Over 4 Million Lido DAO (LDO) Tokens Transfer to Exchanges Sparking Fear appeared first on BeInCrypto.

Timeline of Lido-dao

The LDO token was observed to be on the receiving end of massive interest from Ethereum [ETH] whales. The huge interest from large investors could provide LDO with a much needed support to grow.

An Ethereum (ETH)-based altcoin is rallying following news that top US crypto exchange Coinbase has added the project to its listing roadmap. Lido DAO (LDO), a staking service for Ethereum and other blockchain projects, has seen more than a 16% price increase in the days following Coinbase's announcement via Twitter.

Lido DAO Token [LDO] may have led investors on and eventually disappointed them but now may be the time it restores confidence. According to DeFinder, new addresses on the liquid staking protocol seem to be in full anticipation of an LDO resurgence.

LDO price shows strength for the first time after post-merge. LDO bounces from the downtrend, hoping to end its bearish run as the price eyes a possible breakout from the downtrend line.

The Lido Finance [LDO] liquidity pool activity over the last seven days showed that Layer-two (L2) protocols have been outperforming others on the chain. According to the liquid-staking platform, both Arbirtrum and Optimism [OP] showed a higher contribution towards the Lido pool between 3 and 10 October.

In a series of tweets made by Lido Finance [LDO] on 6 October, the leading Ethereum [ETH] staking platform confirmed the launch of ETH staking on layer two scaling solutions with token bridging to Arbitrum One and Optimism.

After a string of hacks and exploits across the DeFi industry resulting in millions in funds lost or in related damages, proceeding with caution is always wise. Knowing which protocols, projects, and platforms to trust is a challenge, but as open-source code, it can be checked by the public and private firms.

The broader crypto markets are experiencing a huge bearish pressure ahead of the FOMC meeting. The global market cap which had recovered above $1trillion again dropped below the levels while the trading volume also dropped nearly 4% majorly holding the buying volume.

In a rapidly changing world, it's more important than ever for companies to have a robust and reliable audit system. Uniglo, a leading DAO project, has made the smart move of investing its time and resources in a top-tier audit.

The price of Lido Finance's LDO token rallied by 20% in the past seven days, data from CoinMarketCap revealed. According to Cryptowatch, the #66 largest cryptocurrency shares a statistically significant positive correlation with Bitcoin [BTC].