Trump Rally

Lido DAO

strong bull

FOMO

Lido DAO recorded a strong bull run as positive sentiment surrounds the crypto market. Data shows increased whale accumulation around the asset. 
Lido DAO (<a href="https://crypto.news/price/lido-dao/" target="_blank">LDO</a>) is up 33% in the past 24 hours and is trading at $1.40 at the time of writing. Its market cap is currently sitting at $1.26 billion with a daily trading volume of over $300 million. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/11/LDOUSDT_2024-11-07_09-39-02.png" alt="Lido DAO emerges as top gainer on the back of whale accumulation - 30" class="wp-image-14308685">
 <figcaption class="wp-element-caption">
 LDO price and RSI | Source: <a href="https://crypto.news/price/lido-dao/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
LDO’s <a href="https://crypto.news/chart-of-the-week-will-lido-dao-ldo-bull-run-continue/" target="_blank">bullish</a> momentum started after Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) <a href="https://crypto.news/bitcoin-reaches-75k-marking-new-ath-on-the-heels-of-us-election/" target="_blank">reached a new all-time high</a> of above $75,000 after Donald Trump’s victory in the U.S. presidential elections on Wednesday, Nov. 6. 
Despite the price hike, LDO is still down by 92% from its ATH of $18.6 in November 2021. 
Notably, data shows that Lido DAO’s Relative Strength Index surpassed the 80 mark. The indicator suggests that the asset has entered the overbought zone at this point.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/ripple-ceo-shares-his-first-100-day-checklist-for-trump/"> Ripple CEO shares his ‘first 100-day’ checklist for Trump </a> 
<h2 class="wp-block-heading" id="rally-triggered-by-whales">Rally triggered by whales</h2> 
On-chain data shows increased whale activity happened around LDO before its price skyrocketed. According to data provided by IntoTheBlock, the token’s large holder net inflow increased from 645,000 LDO to 69.26 million LDO yesterday. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/11/ITB_ldo_large_holders_netflow_ethereum_2024-11-07T05_18_42.805Z.png" alt="Lido DAO emerges as top gainer on the back of whale accumulation - 31" class="wp-image-14308686">
 <figcaption class="wp-element-caption">
 LDO whale net flows | Source: <a href="https://app.intotheblock.com/coin/LDO/quick-view" target="_blank" rel="nofollow">IntoTheBlock</a>
 </figcaption>
</figure> 
This is the highest level of LDO whale net inflows since May 2023, when the asset was hovering close to the $2 mark. 
The movements show whales’ strong accumulation and interest in LDO. Usually, rising large holder inflows could trigger the fear of missing out, also known as FOMO, among investors. 
Considering that over 60% of Lido DAO’s <a href="https://crypto.news/cryptocurrency-supply-total-max-circulating/" target="_blank">supply</a> is sitting in large whale addresses, the sudden price surge could lead to massive price fluctuations, per ITB. The market-wide FOMO could also add to LDO’s price volatility. 
 Read more: <a rel="" href="https://crypto.news/senator-lummis-u-s-is-going-to-build-a-strategic-btc-reserve/"> Senator Lummis: U.S. is ‘going to build’ a strategic BTC reserve </a>

Lido DAO emerges as top gainer on the back of whale accumulation

Table of Contents

crypto.news

Other articles published on Nov 7, 2024

XRP and PEPE Whales Are Stocking Up on XYZ—What Do They Know About This Meme Coin?

U.S. House Gets Pro-Crypto Majority, 261 Representatives Elected with Industry Support

Cytonic Secures $8.3 Million Seed Funding To Solve Blockchain Compatibility

Gate.io Launches Ola Network (OLA) Incentive Event, Offering a $20,000 Prize Pool

Polygon and Magic Labs launch Newton cross-chain network

Data sovereignty in blockchain era: Insights from former Oracle exec Zaldastani

Join our free newsletter for daily crypto updates!