Journalist
Posted:
- A whale moved 500,000 LDO to Binance.
- LDO’s alternating current remained negative despite the measure.
According to a tweet from Look at chain on November 29, a big Lido Finance [LDO] Whale transferred 500,000 tokens to Binance [BNB]. The value of the tokens at the time of writing was approximately $1.17 million.
As of the last update, the wallet still contained 3.6 million LDO, worth approximately $8.4 million. Is the recent transaction a cause for concern, or is it just routine market activity?
The Lido exchange current remains negative
AMBCrypto’s analysis of two critical metrics measuring Lido Finance’s exchange flow showed that there has been no significant impact from the whale’s movements.
Notably, the LDO mains chart recently recorded negative volume of over 376,000. This showed that more tokens left the exchange than entered.
Furthermore, the analysis of exchange balances showed a decrease in the total number of tokens. At the time of writing, the balance was approximately 49.3 million.
Source: Glassnode
These stock market statistics collectively suggested a trend of more LDO disappearing from the stock markets. According to CoinMarketCap, press time circulating supply also exceeded 890 million.
Moreover, the trading volume in the past 24 hours amounted to more than 93.4 million. So the impact of the whale transaction was relatively small when these statistics were included in the comparison.
LDO’s bull trend is weakening
Examination of LDO’s daily timeframe chart revealed a less-than-favorable trend. Specifically, there has been a series of consecutive downward trends in recent days.
How many Worth 1,10,100 LDOs today?
At the time of writing, LDO was trading around $2.2, reflecting a decline in value of over 1%.
Source: TradingView
Furthermore, the once strong bull trend showed signs of weakening, which was especially evident in the declining Relative Strength Index (RSI). This move signaled a possible shift in market momentum.
