The crypto market is bleeding as the top digital currencies, including Bitcoin (BTC) and Ethereum (ETH) are trading in the red today. However, Lido DAO (LDO), a DeFi token, grabbed the spotlight with its exceptional price surge. The crypto gained over 15% in the trading session on Saturday, January 6, 2024, and attained a new 52-week high of $3.61.
According to a post by Spot On Chain on X, a whale trader, identified as 0xfc9, executed a substantial portfolio shift on Coinbase in the early hours of Saturday. The trader swapped Render (RNDR) for Lido DAO (LDO).
The whale first deposited 750,000 RNDR valued at around $3.01 million at the time and withdrew 450,000 LDO tokens worth approximately $1.5 million. These transactions took place amid considerable market volatility.
Thereafter, the RNDR price experienced an 11% decline over the last 24 hours. Whilst, the LDO price surged by 13% during the same period. The trader traded seven other tokens, including Fetch.ai (FET) and Aave (AAVE), and locked in total profits of $8.95 million.
Also Read: Crypto Prices Today: Bitcoin Price Nears $44K, Lido DAO (LDO) Up 14%, While Pepe Coin Slips
The Lido DAO price surge slowed down after hitting the 52-week high of $3.61. At the time of writing, the LDO price was up by 6.28% and the crypto traded at $3.24. This suggests a drop of over 10% from its recent high.
The digital asset boasted a market cap of $ 2.88 billion, up by 6.18% at press time. Moreover, the LDO price rally was supported by a strong rise in demand. Its 24-hour trade volume spiked by 37.76% to $280.28 million.
Furthermore, LDO has clocked in impressive 1-month returns that amount to over 38%. Additionally, in the past 12 months, it has soared over 153% in value. However, despite the recent bullish outcome, the crypto is still trading 70.77% low from its all-time high of $11.
According to TradingView analytics, the LDO price is trading fairly above its 10-day and 50-day EMA of 3.012 and 2.504, respectively. It represents a bullish sentiment, supporting the ongoing rally. Whilst, the RSI value stands neutral at 63.
Also Read: Bitcoin ETF: Crypto Community Fires Back As Better Markets Opposes Approval
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