The popular data tracking platform Lookonchain has detected that a wallet, believed to be associated with DeFiance Capital, has transferred 9.3 million Lido DAO (LDO) tokens to cryptocurrency exchanges.
As the cryptocurrency market has gained momentum recently with strong increases in Bitcoin (BTC) and Ethereum (ETH) prices, large transfers that have caught the attention of investors are noteworthy. In a post on Lookonchain's official Twitter account, it was noted that approximately 9.3 million Lido DAO tokens worth about $10.1 million were sent to popular exchanges like Binance, OKX, Bybit, and Gate.io in the last two days.
The general optimistic atmosphere in the market in recent days, particularly the recovery in Ethereum prices, has positively affected Lido DAO's token LDO, which operates as an Ethereum staking protocol. By facilitating staking on the Ethereum blockchain and providing liquidity to users, Lido DAO ranks among the largest DeFi projects in terms of market capitalization.
While it is known that transfers of this magnitude are generally for selling purposes, investors are now closely monitoring the potential impact of DeFiance Capital's possible selling move on the price of Lido DAO. This movement, especially occurring in parallel with the market uptrend, is interpreted by investors as a sign that selling pressure may increase.
At the time of writing, Lido DAO (LDO) is trading at $1.