In the last 24 hours, Lido DAO (LDO) saw a significant 14% rise, hitting $3.47. Its market cap is now $3.09 billion, with trading volumes spiking by an impressive 50% to $253.6 million during the same timeframe. Let’s dive into the details of this LDO price prediction for 2024.
As of today, the price of Lido DAO Token stands at $3.30, with a 24-hour trading volume of $647.55 million and a market capitalization of $2.94 billion, contributing to a market dominance of 0.18%. In the past 24 hours, the LDO price increased by 7.73%.
Lido DAO Token Price History and Supply Metrics
Notably, Lido DAO Token (LDO) hit its peak at $7.28 on August 20, 2021, and its all-time low of $0.404540 was recorded on June 18, 2022. In the current cycle, the lowest and highest prices are $0.404540 and $3.61, respectively. The sentiment for Lido DAO Token’s price prediction currently leans bullish, with a Fear & Greed Index score of 70 (Greed).
Concerning supply metrics, LDO has a circulating supply of 890.18 million out of a maximum supply of 1.00 billion LDO. The yearly supply inflation rate is notably high at 184.45%, leading to the creation of 577.23 million LDO in the past year.
Lido: Liquid Staking, Yield, Liquidity, and DAO Governance
Liquid staking has gained popularity for earning yields on cryptocurrency assets while maintaining liquidity. Lido addresses the drawbacks of traditional staking by providing users with a tokenized version of their deposited funds on a 1:1 basis. For instance, when a user stakes one Ether ($ETH) token, they receive one stETH token in return, which remains usable on other protocols if desired. Lido supports staking on Ethereum, as well as on other layer-1 Proof-of-Stake blockchains like Polygon and Solana.
Lido DAO Token operates under a decentralized protocol governance model, featuring a decentralized autonomous organization (DAO) responsible for crucial decisions regarding the protocol’s operations. This ensures a community-driven approach to managing and evolving the Lido protocol.
Lido DAO (LDO) Performance Analysis
Over the past year, Lido DAO (LDO) has demonstrated impressive performance, witnessing a substantial 153% surge in its price. This places LDO among the top-performing crypto assets, outpacing 71% of its counterparts in the top 100.
LDO’s current trading status above the 200-day simple moving average indicates a sustained positive trend. With 17 green days in the last 30 days, constituting 57% of the observed period, a prevailing bullish sentiment is evident. The substantial market cap contributing to high liquidity reinforces Lido DAO’s robust position in the market.
Analytically, Lido DAO shows resilience and positive momentum, suggesting potential for continued growth in the foreseeable future.
However, the noteworthy yearly inflation rate of 184.45% for Lido DAO Token (LDO) implies a significant increase in its circulating supply over the past year. This metric, reflecting the creation of 184.45% more LDO tokens, could be influenced by tokenomics or reward mechanisms within the protocol.
Such a high inflation rate may impact overall supply dynamics, potentially influencing the token’s value and market dynamics. The projected trading range for Lido DAO Token is anticipated to be between $2.93 and $5.44. Achieving the upper price target could lead to a surge of over 65%, reaching $5.44.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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