Lido DAO (LDO) experiences a nearly 14% price surge: How High Will the LDO Price Go in 2024?

Lido DAO (LDO) witnessed a notable 14% increase in the past 24 hours, reaching $3.47. Currently, its market capitalization is $3.09 billion, and trading volumes surged by an impressive 50% to $253.6 million over the same period. Let’s take a look at this LDO price prediction 2024 article in more detail.

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How has the LDO Price moved in recent days?

As of today, the price of Lido DAO Token is $ 3.30, accompanied by a 24-hour trading volume of $ 647.55M. Its market capitalization stands at $ 2.94B, constituting a market dominance of 0.18%. Over the last 24 hours, the LDO price has increased by 7.73%.

On August 20, 2021, Lido DAO Token achieved its peak price of $ 7.28, while its all-time low of $ 0.404540 was recorded on June 18, 2022. Since the all-time high, the lowest price experienced in the current cycle was $ 0.404540, and the highest was $ 3.61. Presently, the sentiment for Lido DAO Token’s price prediction is bullish, and the Fear & Greed Index indicates a score of 70 (Greed).

In terms of supply, the circulating supply of LDO is 890.18M out of a maximum supply of 1.00B LDO. The current yearly supply inflation rate is 184.45%, resulting in the creation of 577.23M LDO in the past year.

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Why is LDO Price Up?

Liquid staking has become a popular method for earning yields on cryptocurrency assets while maintaining their liquidity. Traditional staking involves locking crypto assets for a fixed duration to earn yields. However, liquid staking for digital assets addresses the primary drawback of locking tokens by providing users with a tokenized version of their deposited funds on a 1:1 basis.

In the case of Lido, when a user stakes one Ether ($ETH) token, they receive one stETH token in return. Notably, this stETH token remains usable on other protocols if the user desires. Lido extends its support for staking on Ethereum, as well as on other layer-1 Proof-of-Stake blockchains such as Polygon and Solana.

The protocol has been meticulously crafted to facilitate decentralized protocol governance. To achieve this, it has introduced a decentralized autonomous organization (DAO) responsible for making key decisions regarding the protocol’s operations.

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How high will the LDO Price Go in 2024?

Over the past year, the Lido DAO (LDO) has exhibited remarkable performance, with its price surging by an impressive 153%. This notable increase has positioned LDO as an outperformer among the top 100 crypto assets, surpassing 71% of its counterparts within the same timeframe. 

Notably, LDO’s current trading status above the 200-day simple moving average reflects a sustained positive trend. Over the last 30 days, Lido DAO has experienced 17 green days, accounting for 57% of the observed period, indicating a prevailing bullish sentiment. Furthermore, the high liquidity attributed to its substantial market cap underscores its robust position within the market. 

Considering these factors, the analytical outlook suggests that Lido DAO has demonstrated resilience and positive momentum, hinting at the potential for continued growth in the foreseeable future. 

However, the yearly inflation rate of 184.45% for Lido DAO Token (LDO) signifies a substantial increase in its circulating supply over the past year. This metric implies that 184.45% more LDO tokens have been created within the specified timeframe, possibly as part of the tokenomics or reward mechanisms within the protocol. 

Such a high inflation rate may impact the overall supply dynamics, potentially influencing the token’s value and market dynamics. The anticipated trading range for Lido DAO Token is projected to be between $ 2.93 and $ 5.44. Should the upper price target be achieved, there is a potential for LDO to surge by over 65%, reaching the level of $ 5.44.

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