Jump Trading Transfers 350K LDO Tokens To Binance, Price Dumps 20%

U.S.-based buying and selling agency Jump Trading, which was closely concerned within the Terra-LUNA disaster, began transferring Lido DAO (LDO) tokens to crypto alternate Binance, inflicting LDO costs to drop by over 20% since Thursday.

A sequence of transfers have raised eyebrows about why Jump Trading began dumping Lido’s native utility token LDO immediately and the way it will influence the crypto market.

Jump Trading Transfers Massive LDO Tokens to Binance

On-chain analytics platform Lookonchain in a tweet on January 31 revealed that Jump Trading began transferring Lido DAO (LDO) tokens to crypto alternate Binance from January 26. It prompted the LDO value to drop by over 20%.

Since Thursday, Jump Trading has transferred virtually 350,000 LDO to Binance. The LDO value drops each time Jump Trading transfers LDO tokens to Binance.

In the final 24 hours, Lido DAO (LDO) value fell over 7% and the worth presently trades at $2.09. The 24-hour high and low are $1.99 and $2.27, respectively.

Jump Trading nonetheless holds 3.92 million Lido DAO tokens. The subsequent time Jump Trading transfers LDO to Binance, the value of LDO is prone to drop once more.

LDO is the native utility token of Lido, an Ethereum liquid staking answer. LDO is used for granting governance rights within the Lido DAO, managing payment parameters and distribution, and governing the addition and elimination of Lido node operators.

Transfers Ahead Ethereum’s Shanghai Upgrade Raises Concerns

The transfers by Jump buying and selling have raised considerations among the many crypto group forward of the Ethereum Shanghai improve. The improve will allow customers to withdraw staked Ethereum from Lido liquidity swimming pools.

Moreover, Lido whales holding 1,000,000 to 100,000,000 LDO tokens have been on a promoting spree whereas these holding 100 and 1,000,000 LDO tokens are in an accumulation part.

Also Read: Elon Musk Wants Crypto For Twitter Payments But There’s A Catch

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency business for a considerable interval and is presently protecting all the most recent updates and developments within the crypto business.

The introduced content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.