- Altcoin prices soared after the BTC rally.
- The Lido Protocol saw growth as TVL increased.
Like Bitcoin [BTC] woke up from its slumber, other altcoins followed suit and a rise in their prices has been observed in recent weeks.
Will LDO prosper?
According to Santiment data, altcoins such as Polkadot, Avalanche and LidoDao have experienced substantial market capitalization, while Bitcoin flirts with a potential market cap of $40,000 before 2024.
The decline in BTC’s social volume and increased interest in alternative coins indicate a potential tendency towards public greed.
📈 #Altcoins like it #Dot, #AvalancheAnd #LidoDao have seen good market capitalization growth #Bitcoin continues to tease a possible market value of $40,000 before 2024. Take note $BTC‘s decreasing social volume and increasing interest in others, which usually indicates a slight greed on the part of the audience. pic.twitter.com/QIsbDasCj1
— Santiment (@santimentfeed) December 1, 2023
Lido has even more in store
The Lid0 DAO token, LDO, could benefit the most from this interest in altcoins.
Lido’s robust growth, evident in the 5.16% increase in Total Value Locked (TVL) to $19.15 billion, bodes well for the LDO token.
As the leading platform in net new Ethereum stake deposits, Lido has attracted an impressive 226,229 ETH in just one week. This increase was mainly fueled by significant ETH deposits linked to the Blast initiative, for a total of 170,388 ETH.
Furthermore, wstETH’s increase bridged 0.60% to Tier 2, reaching 172,874 wstETH, signifying increased activity and engagement.
These positive developments in the Lido protocol indicate a growing user base and increased interest in staking and liquidity provision.
The increase in TVL and significant ETH deposits demonstrate the attractiveness and efficiency of the platform, potentially driving demand for LDO tokens.
The seamless bridging of wstETH to Layer 2 further improves accessibility and usability, contributing to a positive outlook for both the Lido ecosystem and the LDO token.
📈 Lido Analytics: November 20 – 27, 2023
TLDR:
– TVL rises 5.16% to a new high of $19.15 billion.
– Lido 1st in net new ETH stake deposits with 226,229 ETH in 7 days.
– The main cause was ETH deposits due to Blast with 170,388 ETH.
– wstETH bridged to L2 +0.60% up to 172,874 wstETH. pic.twitter.com/6fUcHmgSlI— Lido (@LidoFinance) November 27, 2023
Some caution is advised
The growth of the protocol could also help LDO see a price increase. At the time of writing, LDO was trading at $2.40 and its price was up 3.38%.
How many Worth 1,10,100 LDOs today?
However, network growth around LDO declined during this period. Moreover, the rate of LDO also decreased. This implied that new addresses were losing interest in the token, and the price increase may have been caused by old addresses.
If LDO fails to attract new investors, the token’s price could be affected in the long term.
Source: Santiment