Lido Finance informed the community about the DeFi Protocol’s performance between June 17 and 2 (through a Twitter thread). The conversation revealed that Lido registered a 13% surge in its TVL (total value locked) within the reviewed timeframe.
That saw the platform’s TVL hitting $5.22 billion. Nevertheless, while other markets associated with Liquid ETH Staking ahead of the ETH 2.0 launch witnessed a 2.35% uptick, Lido saw a 0.04% slow growth because of lower charges on buying stETH in secondary markets.
Moreover, Lido confirmed the available positive daily Ethereum balance on the platform since June 18. Also, Coinmarketcap data shows the protocol’s native crypto, LDO, saw a 16% price surge over the phase under review. So, what else did the token see during the timeframe?
LDO Price Action – Lid Off
LDO traded at around $0.54 on June 17. Meanwhile, the alternative token saw an upside rally, gaining 16% to explore the $0.63 high by June 24. The bullish wave had LDO exploring the peaks of $0.69 on June 21.
Nevertheless, bearish retracement emerged, dragging the alternative token down. Nevertheless, the market cap had surged 17% within the same period.
Though LDO price saw upsides from June 17 to June 24, the Money Flow Index and Relative Strength Index confirmed substantial bearish signals. The MFI and RSI remained within oversold regions.
Nevertheless, these indicators recorded upticks as the LDO price climbed. The Relative Strength Index stood at 40.31 during this publication, remaining beneath the neutral 50. On the other side, the Money Flow Index fared better, at 69.94 at this publication.
Despite Price Surging,
Though prices hiked between June 17 and June 24, LDO’s on-chain analysis didn’t suggest an all-around surge. For instance, the timeframe under review shows new addresses signing on the protocol slumped by 21%.
Also, the 39.05 million transactions high on June 18 witnessed a 74% decline within the following six days. Furthermore, daily addresses that interacted with LDO in the reviewed time hit the 309 peaks on June 21. Nevertheless, the following three days saw this metric losing 22%.
Moreover, the price upswing from June 17 to June 24 didn’t attract whales. For instance, whale count for transfers beyond $100,000 dropped steadily from June 18’s 27 to six by June 24. Similarly, large addresses transacting over $1 million declined from June 18’s three to zero by June 24.