Key takeaways
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LDO is without doubt one of the finest performers amongst the highest 50 cryptocurrencies by market cap over the previous seven days.
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Lido DAO rallied by 20% within the final seven days however is slowly retracing.
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The token’s rally comes after the Lido v2 mainnet launch.
LDO outperforms the opposite main cryptocurrencies
LDO, the native token of the Lido DAO, is one of the best performer amongst the highest 50 cryptocurrencies by market cap over the previous seven days.
The token added 20% to its worth over the previous few days regardless of the poor efficiency of the broader cryptocurrency market.
The rally was majorly fueled by the mainnet launch of Lido V2. Lido V2 allows Ethereum stakers to burn their stETH (staked ETH) and exit the protocol at a 1:1 ratio.
One other main catalyst behind this newest worth rally is the return of depositors to the Ethereum community following the Shapella upgrade. As an Ethereum liquid staking platform, it isn’t stunning that Lido DAO has seen a surge in transactions over the previous few weeks.
Lido DAO allows customers to pool their funds to develop into validators on Ethereum. This enables traders to bypass the Ethereum community’s requirement of depositing a minimum of 32 ETH.
What subsequent for LDO?
Following its rally, what subsequent for LDO? At press time, LDO is buying and selling at $2.26 per coin, up by greater than 4% over the previous 24 hours.
Nonetheless, LDO’s rally comes because the broader cryptocurrency market continues to underperform. If the basics of the broader crypto don’t enhance, LDO may retrace a few of its income.
LDO may check the $1.92 assist degree within the close to time period if the bearish development out there persists. Nonetheless, if the bulls proceed to be in management, LDO may rally towards the $2.5 resistance degree over the subsequent few hours or days.