Source: Forkast News
With its impressive price increase, the DeFi token Lido DAO (LDO) recently made waves in the crypto space. According to CoinMarketCap data, LDO reached a new 52-week high of $3.60 on January 6, representing a remarkable increase of more than 15%.
The crypto community was drawn to a notable event when a whale trader known as 0xfc9 executed a significant move on Coinbase.
This trader swapped Render for Lido DAO in the early hours of Saturday, making a strategic move in the volatile market.
The whale withdrew a significant amount of LDO tokens, approximately 450,000, worth approximately $1.5 million.
They simultaneously deposited 750,000 RNDR tokens, totaling around $3.01 million. This transaction took place during a period of market volatility.
Following these transactions, the price of RNDR fell 11% the next day, while the price of LDO rose 15%. The trader profited from their moves by trading seven additional tokens, including Fetch.ai (FET) and Aave (AAVE), for a total of $8.95 million.
Despite reaching a 52-week high, the price of LDO eventually stabilized. LDO is currently trading at $3.28, up 3.54% in the last 24 hours, according to the most recent update.
This represents a slight decline from its recent peak, highlighting the inherent volatility of the cryptocurrency market.
However, LDO has shown impressive gains, with a 30% increase in the last 30 days and a whopping 119% increase over the last year.
While recent positive developments have contributed to its upward momentum, it is important to note that LDO is still trading well below its all-time high of $11.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.