Lido Finance, one of the biggest staking platforms for Ethereum, was impacted by Ethereum’s recent rally, causing the price of Lido DAO (LDO) to surge by 12%.
Since yesterday, Ethereum has witnessed an increase in its pricing.
Santiment noted the initial spike in Ethereum’s prices could be attributed to a whale moving $22.2M worth of ETH tokens to an empty wallet.
Ethereum has since continued its uptrend and has moved past the $1,500K mark for the first time since the Merge. As of writing, Ethereum is priced at $1,527, up by roughly 13% within the last 24 hours.
The correlation between Ethereum and Lido caused the latter’s price to increase by 12%.
This is because most investors choose the LDO token due to its exposure to staked Ethereum. Similar to Ethereum, $LDO also broke past the 50-day average resistance. Currently, $LDO is priced at $1.69.