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Lido DAO price fell sharply as the broader crypto market pared gains alongside Bitcoin’s dip to near $70,700.
On Oct. 31, the price of Lido DAO (LDO) declined over 10% to trade near $1.05 before regaining some ground. This downturn erased most of the gains from the recent rise from $0.99 on Oct. 28 to $1.15 on Oct. 30.
The crypto market’s reaction to the U.S. Personal Consumption Expenditures index for September contributed to the sell-off.
Bitcoin (BTC) also appeared to respond negatively to the PCE index. While Lido DAO’s decline mirrored dips in other altcoins, data from Spot On Chain suggests that a whale’s sell-off of Lido DAO tokens added to the downward pressure.
According to Spot On Chain, a whale address that had held Lido DAO for three years sold off its entire holding on Oct. 31.
The wallet address 0x9244 swapped all 458,860 Lido DAO tokens, worth $489,600, for 181.6 Ether. The sale took place shortly before Ether’s price dipped to lows of $2,549, marking a 24-hour decline of nearly 5%.
Despite the sale, the whale incurred a loss, as their average accumulation price over the past three years was $2.50 per token, resulting in a loss of approximately $900,000.
Lido DAO’s latest price slip leaves holders down 41% over the past year, with the token in a downtrend since reaching $3.78 in early January 2024.
On-chain data from IntoTheBlock shows that 91% of Lido DAO holders are at a loss at current prices, while the remaining 9% are breaking even. Further declines could push more holders into the red.
This article first appeared at crypto.news
