Information from WhaleStats reveals that Lido Finance’s token $LDO is the third most bought token by the highest 100 whales within the final 24 hours. The buying spree comes as LDO’s worth falls by greater than 6% within the final 24 hours. Nonetheless, its worth has gone up by greater than 150% within the final 7 days.
The downward worth motion may very well be on account of Lido’s treasury diversification proposal to promote 2% of the LDO for $1.45.
Lido’s Main Strikes
Lido’s treasury diversification proposal goals to achieve long-term stability for the Lido DAO. The proposal asks to promote 2% of LDO, which is roughly 20 million LDO, from the DAO treasury. The sale can be at a 7-day time-weighted common worth with a 50% premium. The proposal believes that this transfer can afford the corporate roughly two years of working runway.
The TWAP calculation finished by Coin Gecko reveals the worth of sale to be $1.45.
The proposal additionally reveals that Dragonfly Capital, a crypto funding agency, has expressed its curiosity to steer the spherical. The proposal believes that Dragonfly can assist with the event of Lido because the market-leading answer for liquid staking.
The proposal highlights that the sale can be made for $DAI within the treasury.
Lido can also be launching stETH on Layer-2 options like Arbitrum. Arbitrum took to Twitter to assist the migration. For the preliminary deployment, Lido will solely assist wstETH, which is the wrapped, non-rebasing model of Lido’s ETH.
Whereas LDO’s worth decreased by nearly 7% within the final 24 hours, it additionally elevated by greater than 150% within the final 7 days.
The Whales Maintain Lido
Not solely is LDO the third most bought token by the whales, however it is usually 4th by buying and selling quantity. WhaleStats knowledge additionally revealed that ETH whale Saitama introduced 11,999,995 $LDO price $17,519,994.
The highest 100 whales at the moment maintain greater than $20 million price of $LDO.