Data from WhaleStats revealed that the Lido Finance $ LDO token was the third most purchased token by the top 100 ‘Whales’ group in the last 24 hours. The increase in purchase volume came when LDO prices dropped more than 6% in the past 24 hours. However, the price has increased more than 150% in the last 7 days.
The speculative bearish price movement was due to Lido’s treasury diversification proposal to sell 2% of the LDO at $ 1.45.
The proposed Lido treasury diversification aims to achieve long -term stability for Lido DAO. The proposal calls for the sale of 2% of the LDOs, which is about 20 million LDOs, from the DAO treasury. The proposal was submitted in the belief that the move would be able to finance the company to operate for two years.
At the time of writing, the Lido price is trading at the $ 1.59 price level with an increase of 0.25%. The proposal also revealed that Dragonfly Capital, a crypto investment firm has expressed a desire to invest. the barrier believes that Dragonfly can help with the development of Lido as a market -leading solution for ‘liquid staking’.
Lido also launched stETH on Layer-2 solutions such as Arbitrum. Arbitrum used Twitter to support the transition. For the initial phase, Lido will only support wstETH.
LDO is not only the third most purchased token by the ‘Whale’ group but also leads the trade in terms of trading volume at fourth place. WhaleStats data also revealed that Saitama’s ETH whale carried $ 11,999,995 LDOs worth $ 17,519,994.
The top 100 whales currently hold more than $ 20 million worth of $ LDOs.
