Lido DAO price falls sharply as whale dumps LDO tokens

Lido DAO price fell sharply as the broader crypto market pared gains as Bitcoin fell to $70,700.

On October 31, the price of Lido DAO (LDO) traded near $1.05, down over 10%, before recovering slightly. This pullback erased most of the gains from the last rally from $0.99 on October 28 to $1.15 on October 30.

The crypto market’s reaction to the September US Personal Consumption Expenditures index contributed to the sell-off.

Bitcoin (BTC) was also seen to respond negatively to the PCE index. While Lido DAO’s decline mirrors declines in other altcoins, data from Spot On Chain shows that a whale’s selloff in Lido DAO tokens has increased downward pressure.

According to Spot On Chain, a whale address who held the Lido DAO for three years sold his entire holding on October 31.

Wallet address 0x9244 exchanged all 458,860 Lido DAO tokens worth $489,600 for 181.6 Ether. The sale occurred shortly before Ether’s price dropped to $2,549; This represents a 24-hour decline of approximately 5%.

Despite the sale, the whale suffered losses due to the average accumulation price over the last three years being $2.50 per token, resulting in a loss of approximately $900,000.

Lido DAO’s recent price drop caused its holders to lose 41% last year, and the token has been in a downward trend since reaching $3.78 in early January 2024.

IntoTheBlock’s on-chain data shows that 91% of Lido DAO holders are at a loss at current prices, while the remaining 9% are at breakeven. Any further decline could push more investors into the red.