Nansen CEO Alex Svanevik has transferred the remaining 3 million Lido DAO (LDO) tokens to Coinbase, marking a significant move in the cryptocurrency market.
Svanevik's Deposit to Coinbase
According to Lookonchain, Alex Svanevik, an early member of the Lido decentralized autonomous organization (DAO), has transferred the remaining 3 million LDO tokens to Coinbase. Valued at approximately $2.89 million, this transfer occurred just 20 minutes ago. Svanevik initially received 5 million LDO tokens on December 17, 2020, valued at $4.91 million at that time.
LDO Token Price Drop
Following Alex Svanevik's transfer, the price of the Lido DAO (LDO) token fell by 6.98% over the past 24 hours, currently trading at $0.9079. The token's trading volume increased by 5.39%, reaching $69.05 million, indicating heightened market activity. The market cap now stands at $812.85 million, with a circulating supply of 895.29 million LDO tokens.
Lido's Market Position
Lido remains one of the leading decentralized staking solutions, with a total value locked (TVL) of over $23.5 billion. This figure demonstrates the platform's continued dominance in the staking market. However, large transactions like Svanevik's transfer can lead to short-term volatility in the token's price, as seen in today's market fluctuations. The trading community is closely monitoring the actions of Lido's early contributors and key members like Svanevik to understand their potential impact on price and market behavior.
Alex Svanevik's transfer of tokens to Coinbase caused a short-term 6.98% drop in the LDO token price. Despite this, the market shows activity, responding to significant transactions and the actions of key participants.
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