According to data from IntoTheBlock, approximately 87% of Lido DAO token (LDO) holders are currently in profit. The increase in profitability is attributed to LDO’s impressive seven-day performance, which saw a price surge of 18.97%, outperforming several altcoins including Solana (SOL) and Ripple (XRP).
Despite no recent major developments within the Lido ecosystem, the price increase is speculated to be connected to Ethereum (ETH), which itself has seen a significant rise of 18.48% to $2,653. This suggests a correlation between the movement of Ethereum-related tokens and ETH’s market behavior.
Lido’s Total Value Locked (TVL) has also been on the rise, reaching $24.77 billion, marking a 19.13% increase. This growth in TVL indicates heightened market interest and increased activity within the Lido protocol, reflecting the trust of market participants in the ecosystem’s potential for returns.
Another metric showing positive dynamics is the number of active addresses interacting with LDO, which hit 1,123 on January 11th, according to Santiment. This growth in active addresses suggests a higher level of daily interaction or speculation around the token.
The token’s social dominance also peaked at 0.40% on the same day, indicating growing interest in the project. However, a subsequent drop in social dominance to 0.25% may suggest that LDO is not yet at its peak, potentially leaving room for continued impressive performance or future price retractions.