Lido DAO's Native Token LDO Outperforms Major Cryptocurrencies
In the past seven days, LDO has emerged as one of the top 50 cryptocurrencies by market capitalization. The native token of Lido DAO has increased by 20% recently but is gradually trending downwards. Its rally came after the launch of Lido v2 Mainnet, which enables Ethereum stakers to burn their stETH and exit the network at a 1:1 ratio.
Furthermore, the recent successful upgrades of Ethereum have led to the comeback of deposits in the US Ethereum network. As a liquid staking platform, Lido DAO has seen a rise in its transactions over the past few weeks, making staking more available to the masses. By pooling their funds, users can become validators on the Ethereum network, allowing investors to bypass the network's minimum deposit requirement of 32 ETH.
LDO has outperformed major cryptocurrencies, even during the unfavorable crypto-market performance. It gained 20% in the past seven days, despite the general bearish trend, helped by the launch of Lido v2. However, if the fundamentals of the broader crypto market do not improve, LDO may give back some of its gains.
According to the press time, LDO is trading at $2.26 per coin, up by more than 4% in the past 24 hours. If the bearish trend continues, LDO may test the support level of $1.92 in the short term. Conversely, if the bulls continue to hold, LDO could recover towards the resistance level of $2.5 in the next few days.
In conclusion, LDO's rally reflects the rising demand for liquid staking on the Ethereum network. However, its price movement may remain volatile in the short term, depending on the broader crypto-market situation.
