Lido DAO has recently experienced a significant increase in value, making it one of the top gainers in the crypto market. This surge in price can be attributed to the accumulation of the asset by large investors, also known as whales.
In the past 24 hours alone, Lido DAO’s value has risen by 33%, and it is currently being traded at $1.40. The market capitalization of Lido DAO stands at $1.26 billion, with a daily trading volume exceeding $300 million.
The bullish momentum for Lido DAO began shortly after Bitcoin reached a new all-time high of over $75,000 following Donald Trump’s victory in the U.S. presidential elections. However, despite this recent price increase, Lido DAO is still down by 92% from its all-time high of $18.6 in November 2021.
Notably, the Relative Strength Index (RSI) for Lido DAO has surpassed the 80 mark, indicating that the asset is currently in the overbought zone. This suggests that there may be a potential for a correction in the near future.
On-chain data reveals that whales have been actively accumulating Lido DAO before its price skyrocketed. Large holder net inflow increased from 645,000 LDO to 69.26 million LDO, according to data from IntoTheBlock. This is the highest level of whale net inflows for Lido DAO since May 2023.
The strong accumulation and interest from whales point to a potential fear of missing out (FOMO) among investors. With over 60% of Lido DAO’s supply held in large whale addresses, the sudden increase in price could lead to significant price fluctuations. Additionally, the market-wide FOMO could contribute to increased volatility for Lido DAO.