Lido (LDO) Faces Massive Correction As Token Losses Mount To 20%
2024年10月7日 - 12:30AM
NEWSBTC
The Lido (LDO) short-term position continues to be compromised in
the face of a market-wide correction phase, dragging the altcoin
market to the mud. As of writing, the token has lost over 20% in
value, representing a massive flip in investor sentiment. The
market has not been faring any better as it lost nearly 2% in
value, wiping nearly $800 million in market cap in the past 24
hours. Related Reading: Market Signals Hint At Bitcoin’s
Potential Fall To $52,000—Analyst Lido’s development persists
despite the market’s apparent bearishness, the most recent of which
might drive retail interest on the platform sky-high. However, with
the market acting as a chaotic background for LDO, it might come
later than what investors and traders expect. Lido DAO
Announces Community Staking Early Adoption Program Yesterday,
October 5, Lido’s official X account announced the Community
Staking Module (CSM) Early Adoption program designed specifically
for solo stakers who want to taste the CSM environment before its
initial launch. Introducing the Community Staking Module Early
Adoption Program: A Unique Opportunity for Solo Stakers 🌐 Eligible
operators can benefit from: 1️⃣ Early access to the CSM mainnet,
avoiding competition from large staking entities for ETH
allocations. 2️⃣ A reduced requirement of…
pic.twitter.com/x6N8oINq9l — Lido (@LidoFinance) October 4, 2024
According to the X post, stakers eligible for the program can enjoy
early access to the CSM mainnet, a reduced capital requirement from
32 ETH to just 1.5 ETH, and a potential 2.37x higher reward per
ETH. In addition to these benefits, eligible operators are
also allowed to run 12 validators. According to Lido’s blog post,
the limit will only be lifted after the early adoption phase.
To ensure that only solo stakers will have the opportunity to enter
the program, Lido has put out specific filtration rules that will
check each applicant if they are eligible for the program.
This development will ultimately stimulate retail interest in the
platform as it lowers the economic barrier to participating in the
network. However, its strict rules regarding the eligibility of
community members and network users to be part of the CSM Early
Adoption Program hinder any potential gain in the long-term of the
network as only a handful of users can participate in the reduced
financial burden brought by the program. $0.88-$1.13 Range Holds
Little Promise For LDO As of writing, the token is struggling to
hold the weight of the bearish pressure that has overtaken the
market by storm. LDO bulls do not have the same momentum as the
bears which may lead to a short to medium-term continuation of the
downward trajectory. The token’s relative strength index,
however, is hinting a possible reversal in the medium term
timeframe which might lead to LDO keeping its current trading range
in the next couple of days. Related Reading: Shiba Inu Burn
Rate Shoots Up 1,000% – Are New ATH Levels Just Around The Corner?
Investors and traders should monitor the broader market’s movement
in the coming days as LDO’s correlation with the major
cryptocurrencies will play a huge part in its future price
movement. Featured image from Pexels, chart from TradingView
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