Lido DAO (LDO) bucked broader market weakness, extending its bullish momentum to reach a 10-week high.
During early Asian trading hours, the token rose to an intraday high of $0.39. At press time, it was trading at $0.38, up nearly 10% in the past 24 hours. This contradicts Total market decline by 0.18%.
This latest move builds on the recent recovery, with LDO posting weekly gains of over 23% according to BeInCrypto Markets data. Its market value reached more than $328.5 million over a 24-hour period Trading volume is more than 60 million dollars.
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Shareholder accumulation fuels Lido DAO rally
Network activity indicates that the rally has fundamental support. Santiment reported that Lido DAO recorded 141 new wallets created in a single day.
This represents the highest network growth reading in two months. The analytics firm linked this rise to LDO price gains.
“This has helped fuel (and justify) a +21% price increase over the past 48 hours.” mail He reads.
Nansen’s data reinforced the accumulation thesis. The top 100 LDO addresses increased their combined holdings to 792.77 million tokens, up 1.1% in one day.
Meanwhile, exchange reserves fell by about 1% on a 24-hour basis and 2.92% on a weekly basis.
Lower exchange reserves usually indicate lower selling pressure. When tokens move from exchanges to private wallets, it indicates that holders are preparing for long-term gains rather than preparing to sell.
The gathering coincides with the ruling an offer From the Lido ecosystem operations team to spend up to 10,000 stETH, roughly $20 million USD, from the DAO Treasury to buy back LDO codes.
Taken together, the signs point to improving underlying demand for LDO. If these trends continue, especially in conjunction with the proposed buyback initiative, the currency may maintain its upward trajectory in the near term.
However, broader market conditions remain a key factor in determining whether this rally will develop into a more sustainable trend.
