Lido Dao price spikes 13% amid strong LSD narrative

• Lido Dao (LDO) price increased by more than 13% over the past 24 hours at 3:30 pm ET on Sunday.
• LDO is picking up momentum after recovering from a low of $2.72 and improving sentiment regarding the upcoming Ethereum upgrade Shanghai.
• LDOs could see a strong uptick in liquid staking solution profits.

Lido Dao’s price is up 13% over the past 24 hours, recovering losses recently suffered following the market’s negative reaction to the better-than-expected US Personal Consumption Expenditure (PCE) index.

But after the cryptocurrency held above key support levels after plummeting on news of the Fed’s favored inflation tool, the Lidao Dao native token LDO became a liquid staking token. takes the lead in

LDO prices jump to 6-month high while LSD positive

On Sunday afternoon, the Lido Dao token rose from a 24-hour low of $2.72 to $3.16. This is the highest price since August 2022.

The token enjoyed gains as Bitcoin rebounded above $23,000 amid new strength at this critical support level. was the largest of

While the interest rate environment remains a stalemate for equities and crypto bulls, LDOs and other liquid staking derivatives (LSDs) are likely to join the upcoming major crypto events. This is because the long-awaited Ethereum Shanghai upgrade is just days away.

Also likely to help LDOs is the recent crackdown on centralized staking services by the US Securities and Exchange Commission (SEC). While regulatory uncertainty remains a major issue for all cryptocurrencies, the move against CeFi players could prove beneficial for decentralized staking solutions as well. Lido Finance knows this.

The United States has banned the Kraken Exchange from offering staking services.In connection with this we will donate $100 $ Lido Tokens for everyone who invests in staking this week

hurry up!https://t.co/eMykPNIncR pic.twitter.com/0x82HJF6P4

Lido Finance (@LidoStaking) February 26, 2023

In fact, according to on-chain details shared by Web3-focused research group Cryptomium, Lido has just seen the largest daily influx of staked Ether (ETH).

$LDOs

@Lido Finance Protocol records largest daily stake inflow ever, surpassing 150,000 #ETH bet.

A safety feature of the protocol called Staking Rate Limit has been enabled to accommodate massive stake inflows and possible side effects without suspending stake deposits. pic.twitter.com/LA0CzPLNzP

Cryptopium Enhancing the Web3 narrative (@CryptopiumGroup) February 26, 2023

Pentosi, a pseudonymous cryptocurrency trader and analyst, said LDO is likely to make a strong move as LSD gains momentum towards an upgrade.

$LDOs
I finally got the position

Shanghai upgrade around the corner should bring LSD back again

The chart looks incredibly stacked.I think it’s going to be a strong move anytime the charts start moving pic.twitter.com/0V64CGAVel

Pentosh (@Pentosh1) February 23, 2023

With Ethereum holders starting to access staked ETH withdrawals, currently priced above $3, bulls may target $4.00 and $5.00 in March.