- The Lido Dow (LDO) price was up more than 13% in the past 24 hours as of Sunday at 3:30 PM ET.
- The upcoming Ethereum upgrade LDO is gaining momentum after recovering from a low of $2.72 amid improved sentiment around Shanghai.
- LDOs could witness a strong upward move amid gains from liquid staking solutions.
lido dao Prices have gained 13% in the past 24 hours, recouping losses following a negative market reaction to the recent higher than expected US Personal Consumption Expenditure (PCE) index.
But after the cryptocurrency edged higher at key support levels following a dump on news of the Fed’s favorite inflation tool, lidao dao native token LDO is leading the liquid staking token.
LDO price hits 6-month high amid LSD positivity
On Sunday afternoon, the Lido Dow token rose from a 24-hour low of $2.72 to $3.16, the highest price since August 2022.
The coin pared gains as bitcoin recovered above $23k amid fresh strength at the key support level. But Lido’s double-digit gain was the largest among the top 30 cryptocurrencies by market cap.
Even as the rates environment remains a sticking point for bulls in equities and crypto, LDOs and other liquid staking derivatives (LSDs) are likely to ride a major upcoming crypto event. This is because the much anticipated Ethereum Shanghai upgrade is now only a few days away.
The recent crackdown on centralized staking services by the US Securities and Exchange Commission (SEC) is also likely to help LDOs. While regulatory uncertainty remains a major issue for all crypto, action against CeFi players could prove beneficial for decentralized staking solutions. Lido Finance knows this.
The US has banned the Kraken exchange from providing staking services. In this connection we give 100 dollars $lido Tokens for everyone who invested in staking this week
Hurry up!https://t.co/eMykPNIncR pic.twitter.com/0x82HJF6P4
— Lido Finance (@lidostacking) February 26, 2023
In fact, Lido saw its largest daily inflow of staked ether (ETH), according to on-chain details shared by Cryptomium, a Web3-focused research group.
@LidoFinance Protocol records its biggest ever daily share with over 150k #ETH put at stake.
✅ A protocol security feature called Staking Rate Limit was activated to respond to large inflows of stake and address potential side effects without stopping stake deposits. pic.twitter.com/LA0CzPLNzP
– Cryptopium – Powering Web 3 Narratives (@CryptopiumGroup) February 26, 2023
The pseudonymous crypto trader and analyst Pentoshi says that LDO is likely to have a strong move as LSD is gaining momentum in the uptrend.
finally took a position
Shanghai upgrade around the corner LSD’s pick up again
The chart looks to be making incredible moves in this and I think once it starts moving it will be a strong move pic.twitter.com/0V64CGAVel
— Pentoshi 🐧 (@Pentosh1) February 23, 2023
With the price now above $3, continued upside momentum could target $4.00 and then $5.00 in March as Ethereum holders begin to use the staked ETH withdrawal.