The cryptocurrency community is abuzz with the movement of a substantial amount of Lido ($LDO) coins from exchanges to private wallets. The focus is on two significant players, often called whales, orchestrating the transfer of millions of LDO coins amidst the token’s upward price trend.
Insights from Lookonchain shed light on a discernible pattern indicating institutions are on a buying spree for $LDO. Recent transactions reveal the actions of these influential players.
Massive Notable Whale Activities
It seems institutions are accumulating $LDO.
0x011D(related to #Amber) withdrew 1.47M $LDO($3.6M) from #Binance 4 hrs ago, totally 5.9M $LDO($14.5M) in the past 3 months.#FalconX withdrew 1.26M $LDO($3.1M) from #Binance 4 hrs ago, totally 4.9M $LDO($12M) in the past week. pic.twitter.com/H9V6ALd2Sr
— Lookonchain (@lookonchain) November 20, 2023
Notably, 0x011D wallet, associated with Amber, withdrew a substantial 1.47 million $LDO ($3.6 million) from #Binance just four hours ago, contributing to a total withdrawal of 5.9 million $LDO ($14.5 million) over the past three months.
Furthermore, FalconX followed suit by withdrawing 1.26 million $LDO ($3.1 million) from #Binance, amassing a noteworthy total of 4.9 million $LDO ($12 million) in the past week.
Whale activities, especially when it involves accumulating a significant amount of a cryptocurrency like LDO, often indicate a potential bullish sentiment. This accumulation typically results in a reduction of the available supply, triggering potential increases in both the price and demand for the token.
$LDO Price Action
In the aftermath of these considerable accumulations in the past few hours, $LDO has surged by over 10%, currently trading at $2.5. The market’s reaction to these strategic moves by the whales suggests a growing confidence and positive sentiment surrounding Lido DAO.
Enthusiasts and investors alike are keenly watching to see how this trend will shape the future price trajectory of the token in the days ahead.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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