Alex Svanevik Deposits Remaining $LDO Tokens to Coinbase

Alex Svanevik, the CEO of Nansen, has reportedly deposited the remaining 3 million Lido DAO (LDO) tokens, valued at approximately $2.89 million, to Coinbase. The transaction occurred just 20 minutes ago, marking a significant move by Svanevik, an early member of Lido’s decentralized autonomous organization (DAO). 

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According to Lookonchain,

Svanevik, who has been involved with Lido since its inception, initially received 5 million LDO tokens on December 17, 2020, valued at $4.91 million. His involvement in the DAO, a decentralized platform designed to provide staking solutions, positioned him as a key figure within the Lido community. The recent deposit signifies the completion of his holdings transfer to Coinbase.

Following this deposit, Lido DAO (LDO) token price fell by 6.98% over the past 24 hours, currently trading at $0.9079, as depicted in the chart from CoinMarketCap. The token’s trading volume has increased by 5.39%, reaching $69.05 million, reflecting heightened market activity. The market cap now stands at $812.85 million, with a circulating supply of 895.29 million LDO tokens. Despite the price decline, the trading activity indicates that the market absorbs the effects of Svanevik’s deposit.

Lido’s Position in the Market

Lido remains one of the leading decentralized staking solutions, with a total value locked (TVL) of over $23.5 billion. The platform’s significant TVL demonstrates its continued dominance in the staking market. However, large transactions like Svanevik’s deposit could lead to short-term volatility in the token’s price, as observed in today’s market fluctuations.

The market may continue to react as more stakeholders monitor the actions of Lido’s early contributors and key members like Svanevik. The trading community is keeping a close watch on any future movements surrounding LDO to understand its potential impact on both price and market behavior.