$23 Billion Altcoin Under Pressure Again: Famous Founder Starts Selling
LDO, the token of the liquid staking protocol Lido DAO, could see hundreds of thousands of dollars of selling pressure in the coming days.
According to on-chain and analytics platform Spot On Chain, Sky founder Rune Christensen, formerly known as MakerDAO, is preparing to sell the last of the 25 million LDO he received as one of Lido Finance's first DAO members.
According to historical transaction records, Christensen purchased a total of 25 million LDO tokens from Lido Finance on December 17, 2020 at a unit price of $1.75 at the time.
In addition to Ethereum, Lido also offers liquid staking solutions over other proof-of-stake (PoS) networks such as Solana, Polygon, Polkadot, and Kusama. According to DeFiLlama data, $23.4 billion worth of assets are held in the Lido protocol. The Lido protocol’s own token, LDO, is used to reward users.
Continues to sell LDO
Since 2022, Christensen has gradually sold a large portion of these tokens at an average unit price of $1.94.
It was reported that he last sold 400,000 LDOs for a total of $407,300 USDC, at an average of $1.02 each. It is stated that Christensen still has 647,000 LDOs (approximately $664,000), and it seems possible that he will sell these tokens soon.
Stay tuned for new information.
