Liquid Staking Token Rallies 80% In A Week To Outperform Bitcoin, Ethereum, Dogecoin Gains
By Benzinga
Lido DAO (CRYPTO: LDO) has rallied over 79.63% in the past seven days and was trading at $1.94 on Monday at 12 a.m. EST.
| Cryptocurrency | Gains | Price (12 a.m.EST) |
|---|---|---|
| Lido Dao | +79.63% | $1.94 |
| Solana | +63.47% | $16.30 |
| Optimism | +43.90% | $1.32 |
| Ziliqa | +39.96% | $0.022 |
| Ethereum Classic | +36.12% | $21.36 |
What Happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) gained 3.53% over the past seven days and managed to breach the $17,000 mark while Ethereum (CRYPTO: ETH) rose 9.17% and Dogecoin (CRYPTO: DOGE) soared 7.69% during the same period.
As the largest liquid staking platform for Ethereum, Lido Finance, the company behind Lido DAO is responsible for nearly 30% of all staked ETH tokens. Since the Ethereum network transitioned from proof-of-work to proof-of-stake back in 2022, the demand for the platform has skyrocketed.
The upcoming "Shanghai fork" ushers in a new era of staking, allowing users to withdraw their staked ETH tokens with ease.
Solana (CRYPTO: SOL) gained 63.47% in the past seven days. The rise can be attributed to Solana developers launching a new, Shiba Inu-themed BONK coin (CRYPTO: BONK), created to rival SHIB (CRYPTO: SHIB).
Optimism recorded a 43.90% spike, while Zilliqa came in next, gaining 39.96%, and Ethereum Classic rose 36.12% in the past seven days.
