Lookonchain Unveils On-Chain Data Showing Whale Transfers Around Lido DAO
Lookonchain, a platform providing on-chain metrics, recently released data detailing significant whale transfers related to the LDO token on November 20. Crypto enthusiasts worldwide took notice of the massive amounts of Lido coins being transferred from exchanges to wallets as two whales withdrew millions of coins from crypto exchanges amid a price surge for the token. This move was indicative of positive market sentiments within the world of cryptocurrencies.
Whales Accumulating Lido DAO
According to Lookonchain’s market data, an unknown wallet, 0x011D19…4e27, withdrew 1.47 million LDO from Binance, totaling $3.6 million as of the time of writing. Additionally, the same wallet withdrew 5.9 million LDO, amounting to $14.5 million, over the past few days through a series of transactions. Another wallet, FalconX, also withdrew 1.26 million LDO ($3.1 million) from Binance today, bringing its total withdrawals to 4.9 million LDO, amounting to $12 million.
Implications of Whale Movements and Lido DAO Price Report
The significant whale movements amid the LDO price rally have captured attention in the crypto realm. Accumulation of cryptocurrencies by whales often suggests a possible bullish sentiment surrounding the token as the circulating supply decreases, potentially leading to an increase in demand and price. At the time of writing, the Lido DAO price had surged by 10.92% to reach $2.52, marking an all-time monthly high and a 64.38% increase over the past month. The coin also saw a 7.48% increase over the past week.
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