- The price increase of Lido leads to an increase in the market capitalization of liquid assets.
- At the time of writing, LDO was trading at around $2.13
As the last week came to an end and the new one began, Ethereum [ETH] had a small revival. Likewise, Lido Dao witnessed a similar movement.
Data shows that while Ethereum stake volume continued to rise, the DAO’s dominance also persisted.
The rise of Lido helps increase the market capitalization of liquid assets
Dates of Santiment indicates that liquid betting assets had a favorable performance this weekend, with Lido among the notable gainers.
Reports indicate that the market capitalization of liquid assets has increased by more than 5%. In concrete terms, LDO showed a commendable increase of more than 5% during this period.
How Lido made a trend
Analysis of Lido Dao’s price trend on a daily timeframe chart revealed a positive trajectory at the end of the previous week.
On April 27, LDO experienced a remarkable increase of over 5%, reaching a trading price of approximately $2.05. The next day, April 28, the uptrend continued with a further 3% increase, taking the price to around $2.12.
At the time of writing this article, it was trading at around $2.13, up slightly less than 1%.
Source: TradingView
If this trend continues through the end of April 29, it will mark the first and only three consecutive days of uptrend for LDO in the month. Previously, such an upward trend was last observed in March, and this happened only once.
Moreover, analysis of the Relative Strength Index (RSI) indicates that LDO remains in a bearish trend despite recent positive moves.
At the time of writing this article, the RSI was below the neutral zone. Further research shows that the LDO has not sustained an extended period above the neutral zone since February, indicating a prevailing bearish trend in recent months.
However, despite the price fluctuations, the platform continues to maintain dominance in Ethereum staking.
Lido gets the most Ethereum stakes
According to data from Dune AnalyticsTo date, more than 32 million Ethereums have been deployed, accounting for more than 27% of the total supply.
Lido in particular contributes significantly to this figure, representing 28% of the total ETH staked. This amounts to over 9.3 million ETH staked via Lido.
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Furthermore, the data shows that staking activity has increased by approximately 6% over the past six months, indicating the platform’s continued dominance in the Ethereum staking space.
However, a closer look at the data also reveals a recent decline in net flows in recent weeks. This decline coincided with declines in the prices of Lido’s native token (LDO) and Ethereum.