Today’s action by this crypto trader suggests that whales are intensifying efforts in the altcoin market though displaying potential shifts in their investment strategies.
According to data reported by Spotonchain today, a trader currently heightening the accumulation of Lido DAO (LDO). This activity indicates that whales have shifted their strategies from what they bought past weeks.
Whales buy $7.28 Million LDO
Spotonchain shared a significant activity by the trader who spent 664.5 Ethereum tokens (worth $2.38 million) to purchase 1.167 million Lido DAO tokens today.
The whale still holds 750 WETH (worth $2.56 million) and still exchanging for more LDO, data showed. This marks Lido DAO as a main target for the trader‘s portfolio.
Apart from accumulating LDO, the trader has diversified its portfolio by holding other altcoins. Currently, this whale holds 2.987 trillion PEPE worth $46.4 million with a total profit of $55.4 million. He also holds 10.24 million ENA worth $9.12 million with a total profit of $3.82 million. These holdings indicate the whale’s strategic approach to the market.
The trader’s activity suggests that big investors are currently accumulating Lido DAO. Three days ago, the token caught massive market attention after a dormant whale woke up and bought 2.72 million LDO tokens worth $4.9 million in a single day. The whale had been dormant for almost a year but decided to re-enter the market and make such huge acquisitions.
These purchases signal that big crypto holders are positioning themselves for growth potential in the future, highlighting positive prospects for Lido DAO.
In another interesting development, the wider whale activity in the Lido DAO market has increased, with big investors transferring huge amounts of coins from exchanges. This suggests a rising optimism in LDO’s future price movement.
Lido DAO plays a crucial role in DeFi by allowing investors to liquid-stake tokens in networks like Ethereum. It appears that savvy traders are withdrawing their LDO funds from exchanges and staking them in decentralized platforms to realize further growth.
Three days ago, World Liberty Financial, a crypto DeFi project owned by President Donald Trump, staked 4747 Ethereum tokens using Lido DAO.
Lido DAO price updates
LDO has experienced significant uptrends in the past few days, boosted by massive whale acquisitions and increasing trader enthusiasm.
The asset is currently trading at $2.09, after seeing an increase of 19.1% over the previous day. Its trading volume has been up 34.70% over yesterday, indicating a recent increase in investor and trader participation.
This upsurge coincides with a wider momentum of gains that Lido Dao has earned over the previous few days. The token has been up 3.80% in the last seven days, outperforming the global digital asset market which is down 0.6% currently.
Meanwhile, other alternative cryptocurrencies like PEPE and ENA have also displayed bullish movements.
