Arslan Butt
Lido is a decentralized finance (DeFi) protocol that is garnering a lot of attention lately due to its impressive price performance. Despite the bear market conditions that have been affecting the cryptocurrency world, Lido has been steadily rising in value, leading many investors to ask: why is Lido pumping when all around is falling?
In this article, we will take a closer look at the factors that are driving Lido’s price and provide a Lido price prediction for the near future.
Despite the gloomy crypto market, the Lido DAO token has been flashing green and has gained significant traction on the day around the $2.8 level. This week, Lido DAO gained popularity as a result of the Ethereum network’s Shanghai upgrade, which will allow staked Ether to be withdrawn from liquid staking protocols like Lido.
Armstrong's remarks on the SEC's stake-holding ban cause the Lido DAO Governance Token to rise.
Get app link: https://t.co/VT4PMsvMCs
More to know: https://t.co/U35NGS0glx#CryptoTrack #crypto #trendingnewsnow #trendinnews #lawyers #bitcoin #regulation #block #holding #DAO pic.twitter.com/FFcHgCgC8j— CryptoTrack (@cryptotrackapps) February 9, 2023
Furthermore, with the release of the next Lido v2 version, the liquid staking protocol Lido is set to launch staking reward withdrawals and improved staking infrastructure. This was regarded as another important factor that influenced the Lido DAO coin pricing.
$Lido $DAO's second most ambitious protocol upgrade, Lido V2 has been released. The new version focuses on decentralization and will support withdrawal of stETH following the #Ethereum Shanghai upgrade.$LDO price is up 8.5% to #trade at $2.53. pic.twitter.com/DsLZRYbVun
— ErmoFi (@ErmofiNews) February 8, 2023
It is important to mention that the Lido coin’s value dropped 15% last week after Galaxy Digital revealed that they were preparing plans to enable withdrawals of Lido Staked Ether in a widely-anticipated proposal. There is a potential for mass-slash incidents or other edge-case scenarios which may be risky in value.
Galaxy digital has been critical of the lido proposal to allow withdrawals from steth. The lido governance token has fallen about 15% from its high last week.
— Linden Ketchum (@LindenKetchum) February 7, 2023
Although the decline was temporary and short-lived, ongoing developments in the Lido network had a positive effect in strengthening the Lido DAO token, which reached an intra-day high of $2.88.
Lido DAO Price
The current Lido DAO price is $2.70, and the 24-hour trading volume is $664 million. Lido DAO has increased by nearly 6% in the previous 24 hours. Lido is now ranked #30 on the market, with a live market cap of $2.2 billion. There are 841,885,011 LDO coins in circulation, with a maximum supply of 1,000,000,000 LDO coins.
Lido Price Chart – Source: Tradingview
The Upcoming Shanghai Upgrade That Is Already Making Waves
Lido coin DAO has been one of the biggest digital currencies to rise in value this year. Their Ethereum Smart Contract with liquid staking protocols have increased their value by more than 140% year-to-date. However, the reason for its upward rally could be attributed to the much-awaited impending Shanghai upgrade for the Ethereum network.
However, the Shanghai upgrade will allow the withdrawal of staked Ether. Investors will be closely monitoring how Ether, LDO, and stETH fare once withdrawals are completely available because there is so much riding on this upgrade.
As previously reported, Ethereum’s upcoming Shanghai upgrade has seen Lido Finance lead the charge as the largest decentralized finance protocol, with over $8 billion of value staked on its platform going into 2023.https://t.co/h6iTOeHSwA pic.twitter.com/OyX8I5hUgl
— United Guild Games (@UnitedGuildGame) February 8, 2023
However, the proposal will let users place withdrawal requests into a queue, which will subsequently take the necessary amount of Ether from a routinely calculated reserve pool, according to the order in which the requests are received.
Lido’s more than doubling in a single month suggests that price movement in 2023 has been strongly biased in favor of the bulls. These coins should definitely be kept in the back of momentum investors’ minds right now.
Lido DAO V2 Upgrade
Lido’s update, V2, focuses on a new staking router that allows anybody to construct on-ramps for new node operators. Ether holders who have staked their coins will be able to withdraw at a 1:1 ratio from Lido as well.
Alternative Centralized #staking platform @LidoFinance has announced #LidoV2 upgrade. According to Lido, this is it's largest upgrade. The #Lido V2 has two major focal points: Staking routers & Withdrawals.
Find out more about Lido V2https://t.co/7GSUujbrIg#DeFi #DAO #ETH pic.twitter.com/n6Jqc0YdN8
— CryptoTvplus (@Cryptotvplus) February 8, 2023
However, the Lido network anticipates that the implementation of its V2 upgrades would dramatically improve network decentralization and expedite withdrawal procedures, transforming stETH into a valuable commodity on the Ethereum network.
Lido dao price jumped after the developers announced v2 upgrade the new upgrade will be implemented ahead of ethereum’s shanghai upgrade ldo crypto jumped to a high of $2 63, which was about 40% above the lowest level this year.
— Anniyah Rayner (@rayner_anniyah) February 9, 2023
As a result, this was viewed as another major aspect that has had a positive impact on the Lido coin.
Risk-Off Crypto Market Sentiment
On the negative side, the global cryptocurrency market failed to continue its previous rising trend and lost some ground today, closing under $1.05 trillion. The upticks in cryptocurrency prices were temporary, but market participants analyzed the most recent information after three Federal Reserve governors predicted that central banks would increase interest rates more swiftly in the months to come.
The #cryptomarket is trading in red today
We're sitting at ~$1.06T #Crypto market cap, a 1.76% decrease over the last day according to #CoinMarketCap
While other top 10 #cryptocurrencies are dumping, #MATIC is 4.02% up from yesterday. #Dogecoin lost the most value – 3.5% pic.twitter.com/dCOX9bUsm7
— Satoshi Talks (@Satoshi_Talks) February 9, 2023
The result was that Bitcoin (BTC) dipped below the $22,500 level. Other popular cryptocurrencies, including Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL), had also experienced losses. As a result, the negative crypto market was viewed as one of the primary factors that kept any more rises in the Lido currency in check.
Alternatives Coins: Things You Need To Know Before Investing In Presale
Choosing to invest in a cryptocurrency that is about to be launched can be quite lucrative but cautious.
Meta Masters Guild (MEMAG)
Meta Masters Guild (MEMAG) is on its way to becoming the Web3 ecosystem’s largest mobile gaming guild. The project’s ultimate goal is to develop entertaining and compelling games with playable NFTs that enable players to stake, trade, and receive rewards.
The platform is now the play-to-earn platform with the quickest growth for 2023, and based on current developments, it will surpass Web3’s largest mobile gaming guild this year.
The presale has raised more than $3.6 million and is in stage 6. The token will cost more in Stage 7 of the presale, going from $0.021 to $0.023. Stage 7 will begin in only three days.
Fight Out (FGHT)
Fight Out (FGHT) is a cryptocurrency initiative that aims to employ advanced technology to pay users for various activities. The user may create a profile on the FGHT app and get workouts through video-customized lessons to their unique fitness requirements.
FGHT tokens are still available for presale. Users pay for their subscriptions using FGHT, which will eventually support its price.
The current price of Fight Club is $0.0208. After the presale concludes on March 31, the price will increase until it reaches a maximum of $0.033 USDT. Additionally, the Fight Out presale provides early investors with bonuses of up to 50%.
Related
- Lido Price Is Up 225% in September as Ethereum’s Top Decentralized Staking Protocol
- stETH is Back at Parity With ETH and Lido Yield Shifts up to 5.5%
- Lido DAO Price Has Come Off the Boil So is This A good Time to Buy Liquid Staking Platform Coin?
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Arslan Butt.
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