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Liquid Staking Token Rallies 80% In A Week To Outperform Bitcoin, Ethereum, Dogecoin Gains

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.

Read Next: Bitcoin Pushes Past $17K, Ethereum, Dogecoin Extend Gains: Analyst Predicts Crypto Rally This Week But Don't Get Carried Away

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