Journalist
Posted:
- Lido will unlock 1.5 million tokens in the next 24 hours.
- The LDO has risen more than 3% and is now trading around $1.5.
Lido Finance [LDO] has received a lot of attention lately for its involvement in Ethereum [ETH] to expand. Nevertheless, an impending token unlock will increase the circulating supply of its ecosystem token, LDO, in the next 24 hours.
How much are 1,10,100 LDOs worth today?
How big could this increase be compared to the LDO offer circulating in the press, and what impact could it have?
Lido Finance to unlock more tokens
According to a September 11 post from Token Unlocks, Lido Finance would experience the final cliff unlock on September 13. This unlock is expected to release 1.50 million LDO tokens, worth approximately $2.24 and making up 0.27% of the circulating supply.
🚨 Unlocks alert: $LDO 🚨
🗓️ September 13, 2023 (in 2 days)The last cliff unlocks at 1.5 meters $LDO for investors 🌟
The clock is ticking. ⏰
Make your move.More details on $LDO unlocks below 👇🏻https://t.co/Y472IT9cKr
Stay informed by following @Token_Unlocks pic.twitter.com/RnoIkFFl1I
— Token Unlocks (@Token_Unlocks) September 11, 2023
Moreover, according to CoinMarketCaps According to data, LDO’s circulating supply at press time exceeded 888 million tokens. The unlocked tokens would bring the circulating supply to over 889 million.
The data also showed that LDO’s total supply was 1 billion. At the time of writing, LDO’s market capitalization exceeded $1.3 billion.
Comparison of Lido’s current and future volumes
According to CoinMarketCap, Lido Finance has experienced a notable increase in trading volume over the past 24 hours, up more than 50% at the time of writing. The volume chart on Santiment showed that this increase caused a small spike.
The chart also illustrated that volume had been on a downward trend until this recent increase. At the time of writing, trading volume was over $41 million.
Source: Santiment
Given trading volume at press time and observed historical trends, the upcoming unlock of LDO tokens is unlikely to have a significant impact on LDO’s price trajectory.
Considering that the total value of the LDO tokens to be unlocked is $1.5 million, equivalent to $2.24 million, market conditions could absorb this amount without causing substantial disruption.
LDO escapes from the oversold zone
Analyzing the price movement of LDO over the daily time frame, it is clear that it has recently been on a downward trend, consistent with broader market trends.
Realistic or not, here is the market cap of LDO in terms of BTC
However, it also shows signs of an upward trend. At the time of writing, LDO was trading at around $1.5, reflecting a price increase of more than 3%.
Source: TradingView
This modest price increase has also affected the Relative Strength Index (RSI), which previously showed a downward trend. At the time of writing, the RSI line was at 40 and could continue to rise if the continued price increase continues.