On-chain analyst Lookonchain has tied Lido’s (LDO) latest sharp decline to crypto firm Soar Buying and selling in a Jan. 31 Twitter thread.
LDO declined by round 10% on Jan. 27 when Soar Buying and selling began transferring its holdings to crypto change Binance, the analyst mentioned.
The identical situation occurred 13 hours in the past when Soar Buying and selling began transferring its belongings to Binance — dropping its worth by 5%.
Over the past 24 hours, Soar Buying and selling has dumped roughly 65,000 LDO tokens, in line with Etherscan data.
Lookonchain said that Soar Buying and selling’s LDO dumping may nonetheless have an effect on the token as a result of it holds 3.92 million LDO tokens — value $8.2 million.
Lido’s value efficiency
Lido has been one of many best-performing digital belongings over the previous month, rising by 92%, in line with CryptoSlate information.
Nevertheless, the token has skilled a pointy sell-off within the final seven days, falling by roughly 20%. It additional declined by 7.96% within the earlier 24 hours to $2.09 as of press time.
The Ethereum (ETH) staking protocol can be the dominant DeFi protocol based mostly on the overall worth of belongings locked (TVL) in its ecosystem, in line with Defillama data. In the meantime, its TVL declined by 4.04% within the final 24 hours to $8.01 billion.
Lido’s website reveals that its TVL is $8.007 billion. Based on the positioning, $7.86 billion in Ethereum have been staked through its platform. Different belongings, like Polygon (MATIC), Solana (SOL), Kusama (KSM), and Polkadot (DOT) have a mixed worth of $147.07 million.