• Lido DAO (LDO) has seen its total market capitalization increase to $1.25 billion with its intraday, weekly, bi-weekly, and monthly charts all showing double-digit gains.
• LDO is currently trading at $1.51, up 13% in the last 24 hours, 56.5% in the last 7 days, and 50% in the last month.
• The upcoming Ethereum upgrade, the Shanghai fork, is expected to further increase demand for Lido Finance as it will allow users to withdraw their staked ETH tokens.
Lido DAO (LDO) has been on an incredible run in recent times, with its total market capitalization now standing at $1.25 billion. The native cryptocurrency of Lido Finance has been able to post double-digit gains on its intraday, weekly, bi-weekly, and monthly charts, with its current market price of $1.51 representing a 13% increase in the last 24 hours, a 56.5% increase in the last 7 days, and a 50% increase in the last month.
The impressive performance of LDO has been largely attributed to the growing demand for staking services offered by Lido Finance. At the time of this writing, Lido Finance is responsible for nearly 30% of all staked ETH tokens, making it the largest liquid staking platform for Ethereum. This demand has been driven by Ethereum’s transition from proof-of-work to proof-of-stake back in 2022.
Moreover, the upcoming Ethereum upgrade, the Shanghai fork, is expected to further increase demand for Lido Finance as it will allow users to withdraw their staked ETH tokens, thus encouraging more people to stake through Lido Finance. This will result in an increase in the demand for LDO tokens, further driving up its price.
Given the current market conditions, it is safe to say that Lido DAO (LDO) is set to continue its impressive run in the near future, making it an attractive investment opportunity for those looking to benefit from the long-term growth of Ethereum and the booming DeFi sector.