Lido DAO emerges as top gainer on the back of whale accumulation

Lido DAO has recorded a strong bull run due to the positive sentiment surrounding the crypto market. The data shows that the accumulation of whales around the asset is increasing.

Lido DAO (LDO) is up 33% in the last 24 hours and is trading at $1.40 at the time of writing. Its market cap currently stands at $1.26 billion and daily trading volume is over $300 million.

LDO price and RSI | Source: crypto.news

LDO’s bullish momentum began as Bitcoin (BTC) surged to an all-time high above $75,000 after Donald Trump won the US presidential election on Wednesday, November 6.

Despite the price increase, LDO is still down 92% from its November 2021 ATH of $18.6.

In particular, the data shows that Lido DAO’s Relative Strength Index has exceeded the 80 mark. The indicator shows that the asset has entered the overbought zone at this point.

Rally triggered by whales

On-chain data shows whale activity increasing around LDO before its price skyrockets. According to data provided by IntoTheBlock, the token’s large holder net inflow increased from 645,000 LDO to 69.26 million LDO yesterday.

LDO whale net flows | Source: IntoTheBlock

This is the highest level of LDO whale net inflows since May 2023, when the asset hovered near the $2 level.

The movements indicate the whales’ strong accumulation and interest in the LDO. Large investor inflows, which often increase, can trigger fear of missing out among investors, also known as FOMO.

Considering that more than 60% of Lido DAO’s supply is in large whale addresses, according to ITB, the sudden price increase could lead to large price fluctuations. Market-wide FOMO may also increase LDO’s price volatility.