As we lead up to the merge, the hype continues to build. a16z led a $70 mm round into Lido. This is nothing short of incredible combined w/ the continued growth of liquid staking.
The only item holding back the token price is the continued heavy sell pressure from those with most of the supply. For the unlock of tokens to be considered “Bullish” these unlocks need to be done OTC, sbf solana style. There is certainly a significant demand for LDO OTC, especially w the a16z recent investment and merge coming up.
Unfortunately, over the last month or so, whales have been dumping on sushi, where the liquidity is very thin. The wormhole deployer went full evil on us, dumping a tremendous amount here (over 1mm LDO tokens):
The wormhole deployer owns 2% of the supply! They are not true believers of the Lido religion lol - this is jump crypto …
This whale owns 2% of the supply, is likely a founder, and dumped 120,000 LDO tokens in 2 sell orders 48 hours ago. This dump dropped the price from about 3.75 to 3, b/c the liquidity on sushi is so thin.
This is what I like to call amateur hour. The Lido team is very elite technically and in business development, but seems to be lacking an efficient OTC trading desk. These types of orders going forward MUST be OTC’d. An OTC desk, similar to what the MAker DAO has, would make this much more efficient and would create potential for the LDO unlock to be bullish, as hte solana unlock was.
With massive unlocks coming, if such a sophisticated player like Jump is willing to “turbo nuke” the price as sir @jbeezy eloquently put it, what are all the other founders, funds who got discounts, etc. going to do? The demand for LDO is building, lets not flood the supply here … OTC blz ser muh family!
Otherwise, lol, dump on me! I’m not selling!