Two Institutional Whales Are Accumulating This Altcoin, According to Data
Lookonchain data previously showed that institutional cryptocurrency trading platform FalconX was accumulating Lido Finance (LDO).
According to the latest data, in addition to FalconX, another institutional cryptocurrency whale, Amber, has also joined the bandwagon of LDO token accumulators.
An Amber-linked cryptocurrency wallet accumulated 1.19 million LDO tokens worth $1.8 million via Binance today. Additionally, Amber appears to have accumulated 4.46 million LDO worth $6.78 million since August 18.
LDO price is trading at $1.54 at the time of writing and has gained approximately 4% in the last 24 hours.
Liquid staking derivative cryptocurrencies called LSD, including LDO, help overcome the 32 ETH deposit barrier required for Ethereum staking transactions and also avoid being locked by returning the staked ETH tokens to investors as stETH. However, the possibility of any depeg event between stETH and ETH price is also one of Lido Finance’s risks.
Such a depeg incident occurred in November 2022, after a giant cryptocurrency whale withdrew $ 101 million of ETH from Curve Finance.
*This is not investment advice.