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On-chain analyst Lookonchain linked the recent sharp drop in Lido (LDO) to cryptocurrency firm Jump Trading in a January 31st Twitter thread.
LDO fell about 10% on Jan. 27, when Jump Trading began transferring its stake to crypto exchange Binance, analysts said.
Thirteen hours ago, the same scenario occurred when Jump Trading started transferring assets to Binance, resulting in a 5% drop in value.
According to Etherscan, Jump Trading dumped around 65,000 LDO tokens in the last 24 hours. data.
look on chain Said that Jump Trading’s LDO dumping may affect tokens as it holds 3.92 million. LDO token worth $8.2 million.
Lido is one of the best performing digital assets in the past month, up 92%, according to the company. crypto slate data.
However, the token has fallen sharply over the past 7 days, dropping about 20%. In addition, he has fallen 7.96% in the last 24 hours and is at $2.09 at the time of writing.
According to Defillama, the Ethereum (ETH) staking protocol is also the leading DeFi protocol based on the total value (TVL) of locked assets within the ecosystem. dataMeanwhile, TVL fell 4.04% over the past 24 hours to $8.01 billion.
in the lido website indicates that its TVL is $8.07 billion. According to the site, $7.86 billion of Ethereum was wagered through its platform. His other assets such as Polygon (MATIC), Solana (SOL), Kusama (KSM) and Polkadot (DOT) have a total value of $147.07 million.
