- Altcoin prices surged after BTC rally.
- The Lido protocol saw growth as its TVL increased.
Like Bitcoin [BTC] It woke up from its slumber, other altcoins followed suit and a rebound in its prices was observed in recent weeks.
Will LDO prosper?
According to Santiment data, altcoins such as Polkadot, Avalanche and LidoDao have seen substantial growth in their market cap, while Bitcoin flirts with a potential market value of $40,000 before 2024.
Decreasing social BTC volume and increased interest in altcoins indicate a potential tilt toward collective greed.
📈 #Altcoins as #Moles, #Avalancheand #LidoDao have enjoyed good market capitalization growth as #Bitcoin continues to tease a possible market value of $40,000 before 2024. $BTCDecreased social volume and increased interest in others, which usually hints at a slight collective greed bias. pic.twitter.com/QIsbDasCj1
– Sentiment (@santimentfeed) December 1, 2023
Lido has more in store
The Lid0 DAO token, LDO, could benefit the most from this interest in altcoins.
Lido’s strong growth, evident in the 5.16% increase in total value locked (TVL) to $19.15 billion, bodes well for the LDO token.
As the leading platform for net new Ethereum staking deposits, Lido attracted an impressive 226,229 ETH in just one week. This increase was notably driven by significant ETH deposits linked to the Blast initiative, totaling 170,388 ETH.
Additionally, the increase in wstETH reached Layer 2 by 0.60%, reaching 172,874 wstETH, signifying increased activity and engagement.
These positive developments in the Lido protocol indicate a growing user base and increased interest in staking and providing liquidity.
The rise in TVL and significant ETH deposits show the attractiveness and efficiency of the platform, which could drive demand for LDO tokens.
The seamless connection of wstETH with Layer 2 further improves accessibility and usability, contributing to a positive outlook for both the Lido ecosystem and the LDO token.
📈 Lido Analytics: November 20-27, 2023
TLDR:
– TVL rose 5.16% to a new high of $19.15 billion.
– Lido first in net new ETH staking deposits with 226,229 ETH in 7 days.
– The main driver was ETH deposits due to Blast with 170,388 ETH.
– wstETH moved to L2 with an increase of +0.60% to 172,874 wstETH. pic.twitter.com/6fUcHmgSlI– Lido (@LidoFinance) November 27, 2023
Some caution is recommended
The growth of the protocol may also help LDO see an increase in its price. At the time of publication, LDO was trading at $2.40 and its price grew by 3.38%.
How much they cost 1,10,100 LDO worth today?
However, network growth around LDO fell during this period. Additionally, the speed at which LDO also decreased. This implied that new addresses were losing interest in the token, and the price increase may have been caused by old addresses.
If LDO fails to attract new investors, the price of the token could be affected in the long term.
Source: Sentiment
source: eng.ambcrypto.com