Lido DAO (LDO) Records Strong Bull Run as Positive Sentiment Surrounds the Crypto Market

Data shows increased whale accumulation around the asset. Lido DAO (LDO) is up 33% in the past 24 hours and is trading at $1.40 at the time of writing.

Cryptocurrency price tracking platform CoinMarketCap showed Lido DAO (CRYPTO: LDO) enjoyed a strong bull run on Thursday evening, with data indicating increased whale accumulation around the asset.

The token surged over 33% in the past 24 hours and was trading at $1.40 at the time of writing. Its market cap stood at $1.26 billion, with a daily trading volume of over $300 million.

LDO’s bullish momentum began after Bitcoin (CRYPTO: BTC) price hit a new all-time high of over $75,000 following Donald Trump’s victory in the U.S. presidential elections on Wednesday, Nov. 6.

Despite the price hike, LDO was still down by 92% from its ATH of $18.6 in November 2021.

The asset’s Relative Strength Index crossed the 80 mark, indicating that the token has entered the overbought zone, according to data.

Whale activity preceded rally

On-chain data showed increased whale activity around LDO prior to its price surge.

According to data from IntoTheBlock, the token’s large holder net inflow increased from 645,000 LDO to 69.26 million LDO on Wednesday.

This marked the highest level of LDO whale net inflows since May 2023, when the asset was trading close to the $2 mark.

The movements highlighted whales’ strong accumulation and interest in LDO.

Rising large holder inflows typically trigger the fear of missing out, or FOMO, among investors, according to IntoTheBlock.

Considering that over 60% of Lido DAO’s supply is held in large whale addresses, the sudden price surge could lead to massive price fluctuations, the market intelligence platform said.

The market-wide FOMO could also contribute to LDO’s price volatility.

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