Key takeaways
LDO is likely one of the greatest performers amongst the highest 50 cryptocurrencies by market cap over the previous seven days.
Lido DAO rallied by 20% in the final seven days however is slowly retracing.
The token’s rally comes after the Lido v2 mainnet launch.
LDO outperforms the opposite main cryptocurrencies
LDO, the native token of the Lido DAO, is one of the best performer amongst the highest 50 cryptocurrencies by market cap over the previous seven days.
The token added 20% to its worth over the previous few days regardless of the poor efficiency of the broader cryptocurrency market.
The rally was majorly fueled by the mainnet launch of Lido V2. Lido V2 permits Ethereum stakers to burn their stETH (staked ETH) and exit the protocol at a 1:1 ratio.
Another main catalyst behind this newest price rally is the return of depositors to the Ethereum community following the Shapella upgrade. As an Ethereum liquid staking platform, it isn’t stunning that Lido DAO has seen a surge in transactions over the previous few weeks.
Lido DAO permits customers to pool their funds to turn into validators on Ethereum. This permits buyers to bypass the Ethereum community’s requirement of depositing no less than 32 ETH.
What next for LDO?
Following its rally, what next for LDO? At press time, LDO is buying and selling at $2.26 per coin, up by greater than 4% over the previous 24 hours.
However, LDO’s rally comes because the broader cryptocurrency market continues to underperform. If the basics of the broader crypto don’t enhance, LDO might retrace a few of its income.
LDO might check the $1.92 assist degree in the close to time period if the bearish development in the market persists. However, if the bulls proceed to be in management, LDO might rally towards the $2.5 resistance degree over the next few hours or days.
