{"id":522447,"date":"2023-03-09T12:20:59","date_gmt":"2023-03-09T12:20:59","guid":{"rendered":"https:\/\/ktsl888.com\/?p=522447"},"modified":"2023-03-09T11:56:10","modified_gmt":"2023-03-09T11:56:10","slug":"lido-ldo-plummets-over-20-in-past-week-heres-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/defi\/lido-ldo-plummets-over-20-in-past-week-heres-why\/","title":{"rendered":"Lido (LDO) Plummets Over 20% In Past Week, Here\u2019s Why"},"content":{"rendered":"

Putting the global crypto market\u2019s ubiquitous downward trend aside, Lido Finance (LDO) token has been moving in a bearish direction over the past week. While the universal bearish trend could have contributed to <\/span>LDO’s downward trend<\/span><\/a> in the past week, research proves it\u2019s more than that.\u00a0<\/span><\/p>\n

Over the past week, LDO has recorded a sharp decline in price, falling by 22.4% from a high above $3 as of March 3 to as low as $2.35 at the time of writing. According to Coinmarketcap, more than $500 million has been removed from its market cap over the same period.\u00a0<\/span><\/p>\n

Two Instances On Lido (LDO) Decline In The Past 7 Days<\/span><\/h2>\n

Lido\u2019s recent <\/span>fall in value<\/span><\/a> can be attributed to the recent announcement<\/a> of Mixbytes, a development team to Lido Finance, disclosing the ending of its support for liquid staking on Polkadot and Kusama.<\/span><\/p>\n

This announcement has seen most liquid stakers of Polkadot and Kusama withdrawn from the Lido Finance protocol, therefore, affecting both its total value locked (TVL) and native token\u2019s price negatively. In the past 7 days, Lido\u2019s TVL has plummeted alongside LDO price, falling by 5.7%, according to <\/span>DeFilama<\/span><\/a>.<\/span><\/p>\n

Mixbytes stated it will no longer \u201cdevelop and technically support\u201d Lido on Polkadot and Kusama from August 1. In addition, as a result of the update, users will not be able to deposit funds for<\/span> stake into Lido<\/span><\/a> for the Polkadot and Kusama protocols as of March 15.\u00a0<\/span><\/p>\n

Related Reading: Lido Finance (LDO) Is Down 18% In 7 Days, Time To Buy The Dip?<\/a><\/div>\n

Furthermore, Mixbytes further stated in the announcement that it is working on an alternative host for the UI which will be launched by the community on August 1. <\/span><\/p>\n

Veering back to the reason behind the LDO decline in the past week, another instance is the ongoing rumor <\/span>shared by <\/a>Bankless<\/span>\u00a0David Hoffman.<\/span><\/p>\n

According to Hoffman, the United States Securities and Exchange Commission might have issued a Wells Notice to Lido and some other crypto projects in the industry. A Wells Notice is a formal letter sent by the SEC informing a recipient or firm that it is planning to bring enforcement actions against them.\u00a0<\/span><\/p>\n

Though Hoffman eventually<\/span> renounced the rumor<\/span><\/a>, as the news has not yet had any official confirmation, it can be attributed to one of the reasons behind LDO’s falls over the past week.\u00a0<\/span><\/p>\n

LDO Continues Downtrend<\/span><\/h2>\n

The past few weeks have not been favorable for LDO as the token has only continued to suffer a downward trend following several negative news circulating in the industry as well as events stated above. <\/span>\"Lido<\/p>\n

Lido Finance (LDO) price is moving sideways on the 4-hour chart. Source: LDO\/USDT on TradingView.com<\/a>LDO’s past 24 hours trend hasn\u2019t also been any different as the token is currently down 8.5% in the past day with a trading price just above $2. The token\u2019s trading volume has also gone weak indicating a possible continuous downtrend.<\/span><\/p>\n

Related Reading: Lido DAO (LDO) Holds 10% Gains On Weekly Chart While Majority Of Coins Shrink<\/a><\/div>\n

LDO\u2019s trading volume has fallen from a high of $239 million on March 3 to a low of $89 million over the past 24 hours. Notably, despite the prolonged downtrend,<\/span> LDO<\/span><\/a> still ranks firmly as number 30 on the list of cryptocurrencies with the largest market caps, according to Coinmarketcap.<\/span><\/p>\n

Featured image from iStock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Putting the global crypto market\u2019s ubiquitous downward trend aside, Lido Finance (LDO) token has been moving in a bearish direction over the past week. While the universal bearish trend could have contributed to LDO’s downward trend in the past week, research proves it\u2019s more than that.\u00a0 Over the past week, LDO has recorded a sharp decline in price, falling by 22.4% from a high above $3 as of March 3 to as low as $2.35 at the time of writing. According to Coinmarketcap, more than $500 million has been removed from its market cap over the same period.\u00a0 Two Instances On Lido (LDO) Decline In The Past 7 Days Lido\u2019s recent fall in value can be attributed to the recent announcement of Mixbytes, a development team to Lido Finance, disclosing the ending of its support for liquid staking on Polkadot and Kusama. This announcement has seen most liquid stakers of Polkadot and Kusama withdrawn from the Lido Finance protocol, therefore, affecting both its total value locked (TVL) and native token\u2019s price negatively. In the past 7 days, Lido\u2019s TVL has plummeted alongside LDO price, falling by 5.7%, according to DeFilama. Mixbytes stated it will no longer \u201cdevelop and technically support\u201d Lido on Polkadot and Kusama from August 1. In addition, as a result of the update, users will not be able to deposit funds for stake into Lido for the Polkadot and Kusama protocols as of March 15.\u00a0 Related Reading: Lido Finance (LDO) Is Down 18% In 7 Days, Time To Buy The Dip? Furthermore, Mixbytes further stated in the announcement that it is working on an alternative host for the UI which will be launched by the community on August 1. Veering back to the reason behind the LDO decline in the past week, another instance is the ongoing rumor shared by Bankless\u00a0David Hoffman. According to Hoffman, the United States Securities and Exchange Commission might have issued a Wells Notice to Lido and some other crypto projects in the industry. A Wells Notice is a formal letter sent by the SEC informing a recipient or firm that it is planning to bring enforcement actions against them.\u00a0 Though Hoffman eventually renounced the rumor, as the news has not yet had any official confirmation, it can be attributed to one of the reasons behind LDO’s falls over the past week.\u00a0 LDO Continues Downtrend The past few weeks have not been favorable for LDO as the token has only continued to suffer a downward trend following several negative news circulating in the industry as well as events stated above. Lido Finance (LDO) price is moving sideways on the 4-hour chart. Source: LDO\/USDT on TradingView.comLDO’s past 24 hours trend hasn\u2019t also been any different as the token is currently down 8.5% in the past day with a trading price just above $2. The token\u2019s trading volume has also gone weak indicating a possible continuous downtrend. Related Reading: Lido DAO (LDO) Holds 10% Gains On Weekly Chart While Majority Of Coins Shrink LDO\u2019s trading volume has fallen from a high of $239 million on March 3 to a low of $89 million over the past 24 hours. Notably, despite the prolonged downtrend, LDO still ranks firmly as number 30 on the list of cryptocurrencies with the largest market caps, according to Coinmarketcap. Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":520050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[8323,1946,87601,86030,87957,87607,9753],"class_list":["post-522447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-eth","tag-ethereum","tag-kusama","tag-ldo","tag-ldo-dao","tag-lido-finance","tag-polkadot"],"acf":[],"yoast_head":"\nLido (LDO) Plummets Over 20% In Past Week, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Putting the global crypto market\u2019s ubiquitous downward trend aside, Lido Finance (LDO) token has been moving in a bearish direction over\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Lido (LDO) Plummets Over 20% In Past Week, Here\u2019s Why","url":"http:\/\/ktsl888.com\/news\/defi\/lido-ldo-plummets-over-20-in-past-week-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/defi\/lido-ldo-plummets-over-20-in-past-week-heres-why\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311"},"articleSection":"DeFi","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","kusama","ldo","ldo dao","lido finance","polkadot"],"dateCreated":"2023-03-09T12:20:59Z","datePublished":"2023-03-09T12:20:59Z","dateModified":"2023-03-09T12:20:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Lido (LDO) Plummets Over 20% In Past Week, Here\\u2019s Why\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/defi\\\/lido-ldo-plummets-over-20-in-past-week-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/defi\\\/lido-ldo-plummets-over-20-in-past-week-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?fit=553%2C311\"},\"articleSection\":\"DeFi\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"kusama\",\"ldo\",\"ldo dao\",\"lido finance\",\"polkadot\"],\"dateCreated\":\"2023-03-09T12:20:59Z\",\"datePublished\":\"2023-03-09T12:20:59Z\",\"dateModified\":\"2023-03-09T12:20:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/522447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=522447"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/522447\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/520050"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=522447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=522447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=522447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}