According to Santiment’s data, the percentage of large holders of LDO decreased significantly over the last month.
The network growth of the token was also affected during this period. A decreasing network growth for the LDO token suggested that the number of times LDO was transferred for the first time among new addresses declined. This implied that new users were perhaps not buying LDO at its current price.The activity of staked ETH also fell during this period, which could affect Lido’s ecosystem negatively.
While the price of LDO has increased in the short term, the declining network growth and decrease in new ETH-staked deposits could be cause for concern in the long run. That said, at the time of writing, the price of LDO, which was $2.29, decreased by 5.53% in the last 24 hours according toSubscribe to get it daily in your inbox.