Lido Finance: A 7-day assessment of LDO reveals shocking…

ambcrypto.com:

Lido Finance is a leading DeFi protocol wherein users, for Lido Staked ETH (stETH) and a small percentage in yield, are allowed to deposit Ethereum. 

In its Lido Weekly Digest, published on 15 July, the protocol updated its users on the developments related to Lido and the “surrounding liquid staking space”  between 8 July and 15 July.

According to Lido Finance, on 15 July, its Total Value Locked (TVL) stood at $5.28 billion after registering a 1.5% decline in the 7-day period. On a 30-day window, the protocol’s TVL grew by 3%.

Amongst other updates, Lido Finance stated that with a 0.3% uptick recorded between 8 July and 15 July, the total amount of ETH staked with the protocol stood at 4,129,728 ETH.

With 13,094,997 ETH staked so far, Lido Finance held a 31.53% share in the market at the time of publication.

According to data from CoinMarketCap, the protocol’s native token, LDO, has seen a 159.57% uptick in price in the last seven days. So how else did this token perform?

With a 159.57% price rally in the last seven days, the LDO token ranked highest as a top gainer on 17 July. At $0.63 per token seven days ago, LDO embarked on an uptrend that caused it to exchange hands at $1.66 at press time. 

In the period under review, the token’s market capitalization also grew from $195.73 million to $520.67 million.

Moreover, increased trading activity has been underway within the period under review as the trading volume was spotted with an 8% growth at the time of press. 

With the price represented by green candles on a daily chart, the LDO token was severely overbought at the time of press. On an uptrend, the token’s Relative Strength Index (RSI) marked its spot at 83 at the time of writing. The Money Flow Index (MFI) also maintained