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Home Altcoins

LDO to end January on a positive note, details here

January 27, 2024
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LDO to end January on a positive note, details here
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  • LDO’s transaction volume has risen significantly in the last month.
  • This has happened despite the fall in the token’s value since the 11th of January.

LDO, the governance token of leading liquid staking protocol Lido Finance, is poised to close January with its highest monthly trading volume since March 2023, data from DefiLlama showed. 

According to the data provider, the token has recorded a trading volume of $4 billion since the year began, surpassing December’s figure by 53%. 


Source: DefiLlama

LDO since the year began 

LDO’s price rally, which began in October and continued in the first week of January, partly fueled by the anticipation of the approval of the Bitcoin Spot ETF, peaked on the 11th of January. 

Since then, the price has trended downward, shedding 24% of its value. According to data from CoinMarketCap, the token exchanged hands at $3.05 at press time.

AMBCrypto found that LDO’s price fall coincided with a decline in its daily demand. Data from Santiment showed that the daily count of addresses involved in LDO transactions has dwindled by 67% since its price began to fall.

Likewise, there has been a corresponding decrease in the token’s daily transaction count. On the 25th of January, only 331 LDO transactions were completed. This marked a 74% drop from the 1255 transactions recoded on-chain on the 10th of January.


Source: Santiment

Further, since the price decline began, there has been a rise in LDO’s supply on exchanges and a corresponding decline in the amount of the token held outside of exchanges. 

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Per data from Santiment, since the 10th of January, LDO’s supply on exchanges has climbed by 12%. Similarly, its supply off exchanges has dropped by 1% within the same period.

When an asset records an uptick in exchange reverse, it often signals a spike in selling pressure. 

The significant decline in LDO’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) confirmed the fall in token accumulation. LDO’s MFI assessed on a single-day chart was 30.31, suggesting that spot market traders favored profit-taking over accumulation.

Likewise, its CMF returned a negative value of -0.17 and trended downward at the time of writing. This indicated a significant liquidity exit from LDO’s daily market.


Source: LDO/USDT on TradingView


Realistic or not, here’s LDO’s market cap in BTC terms


Futures market follows trend

Since the price decline began, LDO’s futures open interest has fallen, data from Coinglass revealed. LDO’s open interest was $81 million at press time, falling by 39% in the past 15 days. 

However, despite the price decline, funding rates across crypto exchanges remain positive, suggesting that market participants continue to harbor bullish sentiments. 

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  • LDO’s transaction volume has risen significantly in the last month.
  • This has happened despite the fall in the token’s value since the 11th of January.

LDO, the governance token of leading liquid staking protocol Lido Finance, is poised to close January with its highest monthly trading volume since March 2023, data from DefiLlama showed. 

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According to the data provider, the token has recorded a trading volume of $4 billion since the year began, surpassing December’s figure by 53%. 


Source: DefiLlama

LDO since the year began 

LDO’s price rally, which began in October and continued in the first week of January, partly fueled by the anticipation of the approval of the Bitcoin Spot ETF, peaked on the 11th of January. 

Since then, the price has trended downward, shedding 24% of its value. According to data from CoinMarketCap, the token exchanged hands at $3.05 at press time.

AMBCrypto found that LDO’s price fall coincided with a decline in its daily demand. Data from Santiment showed that the daily count of addresses involved in LDO transactions has dwindled by 67% since its price began to fall.

Likewise, there has been a corresponding decrease in the token’s daily transaction count. On the 25th of January, only 331 LDO transactions were completed. This marked a 74% drop from the 1255 transactions recoded on-chain on the 10th of January.


Source: Santiment

Further, since the price decline began, there has been a rise in LDO’s supply on exchanges and a corresponding decline in the amount of the token held outside of exchanges. 

Per data from Santiment, since the 10th of January, LDO’s supply on exchanges has climbed by 12%. Similarly, its supply off exchanges has dropped by 1% within the same period.

When an asset records an uptick in exchange reverse, it often signals a spike in selling pressure. 

The significant decline in LDO’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) confirmed the fall in token accumulation. LDO’s MFI assessed on a single-day chart was 30.31, suggesting that spot market traders favored profit-taking over accumulation.

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Likewise, its CMF returned a negative value of -0.17 and trended downward at the time of writing. This indicated a significant liquidity exit from LDO’s daily market.


Source: LDO/USDT on TradingView


Realistic or not, here’s LDO’s market cap in BTC terms


Futures market follows trend

Since the price decline began, LDO’s futures open interest has fallen, data from Coinglass revealed. LDO’s open interest was $81 million at press time, falling by 39% in the past 15 days. 

However, despite the price decline, funding rates across crypto exchanges remain positive, suggesting that market participants continue to harbor bullish sentiments. 

Tags: DetailsJanuaryLDOnotepositive

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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Tezos 2023 Outlook: An Overview of Tezos (XTZ)

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UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

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How Vellos is transforming token markets

Solana content tokenization grows with Cube listing of Access Protocol following Argentine government partnership

October 18, 2024
Neo partners with Phoenix to explore AI and blockchain synergies

Neo partners with Phoenix to explore AI and blockchain synergies

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Ethereum (ETH) Triangle Formation Hints At A Double Bottom: Breakout and New ATH?

Ethereum (ETH) Triangle Formation Hints At A Double Bottom: Breakout and New ATH?

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Nexus Chain Poised to Revolutionize Blockchain Tech Ahead of Ethereum’s Dencun Upgrade

Nexus Chain Poised to Revolutionize Blockchain Tech Ahead of Ethereum’s Dencun Upgrade

March 9, 2024

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