Lido DAO (LDO) Tokens See Hefty On-Chain Activity Ahead of Possible Market-Making

In the previous three days, the crypto community has been paying special attention to the Lido DAO (LDO) tokens due to some hefty on-chain activity.

The crypto community has been buzzing about some massive on-chain activity involving Lido DAO (LDO) tokens over the previous three days.

Or, to put it more bluntly, two Ethereum addresses have almost blitzed a combined total of over 30 million dollars’ worth of LDO into very prominent centralized exchanges—nearly within the same 24-hour period.

This begs a couple of questions. For one, what in the world is going on here? And for another, what could this mean for the price of LDO?

Massive LDO Movements: Over $30 Million in Three Days

In the past 72 hours, two Ethereum addresses—0x2c7AE and 0x3A765—have together shifted around 30 million LDO tokens, with signals that these tokens are being sent to large exchanges like Binance, OKX, Bybit, and Gate.io.

Particularly noteworthy is the address 0x2c7AE, which has direct ties to the “Lido: Team Vesting” contract. Roughly six months ago, it received 30 million LDO from the vesting contract, a token transaction we usually associate with team members, advisors, or early contributors. Since then, the address has held a large portion of those tokens and appears to have used the vesting contract to deposit tokens into the 0x address, which it has now been using to transfer the tokens into unknown addresses. For three days alone, 0x2c7AE has transferred out approximately 19.917 million LDO, equivalent to nearly $19.25 million.

In October 2023, the institutional trading platform FalconX sent 15.45 million LDO to the second address, 0x3A765. When this transaction occurred, the trading price of LDO was approximately $1.87 per token. In the three days leading up to this analysis, the second address moved out a significant chunk of its LDO holdings—10.612 million LDO, to be exact—making this a noteworthy transaction in the current LDO trading environment.

This content is not intended to be a financial advice, and it's important to conduct your own research before investing in any cryptocurrency or services.

Stay tuned for more updates and analysis on the latest developments in the crypto sphere.

The post Two Addresses Blitzed Over $30M in LDO into CEXs—What Could This Mean for LDO Price? appeared first on TokenPost.