Lido will inject 8.82 million tokens into the market on 25 August as a part of its final cliff unlock.
Interestingly, after weeks of decline, LDO’s daily chart finally turned green, giving hope for a trend reversal over the coming days. However, despite the hike in price, bearish sentiment around LDO dominated the market.Token Unlocks’ data revealed that Lido will undergo its final cliff unlock of 8.5 million on 25 August 2023. With this, LDO will inject the final 0.97% of its supply into the market, which will increase its circulating supply to 1 billion.
, LDO’s price increased by 0.46% in the last 24 hours. At press time, it was trading at $1.86 with a market capitalization of over $1.6 billion.revealed that the token’s bullish sentiment dropped by 52% while its social dominance declined by 50% in the last 24 hours. A look at Lido DAO’s metrics pointed out that the token was still under selling pressure. Its supply on exchanges went up while its supply outside of exchanges dropped, which is a typical bearish signal.
Additionally, whale activity around LDO has also decreased over the last few days, as evident from its whale transaction counts.LDO’s network activity also registered a decline last week. This was evident from the drop in its daily active addresses. LDO’s network growth also plummeted. A decline in the metric means that fewer new addresses were created to transfer the token. A similar trend was also noted in terms of its velocity.
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