The $LDO token representing liquid staking protocol Lido DAO is one of crypto’s most volatile assets today, having traded against during a market slump, before multiplying the losses of market leader Bitcoin ($BTC).
Bitcoin dropped by as much as 6% in 24 hours by lunchtime UTC today. It briefly looked like Lido DAO was on the up, having posted a 5% jump over the same period. However, $LDO is now falling harder than Bitcoin, with the latter dropping 3% down to $92,938, while the former has shed 6.4% to trade at $1.55.
The adverse price movements come amidst a market-wide dip that has shaven 4% from crypto’s total market cap, which now stands at a still-monumental $3.32 trillion. Most of the hundred largest cryptocurrencies by market cap are in free-fall right now.
In general, the market is exhibiting a lot of volatility today, which makes it hard to tell where Lido DAO is headed. However, should the token spiral, it has strong and consistent support at the dollar mark, as shown on the chart below, so a 50% crash is out of the question.
Source: TradingView
Lido DAO rose sharply over the last seven days, adding 31.3% to its value.
According to the token’s relative strength index (RSI) it may begin to stabilize soon. $LDO’s RSI is at 39 and is falling relatively quickly. This signals a selloff is happening now, and once the token becomes “oversold” at 30, there will be some dip-buying as investors get back in at a discount.
Should that happen, the token will level around its current price, which ultimately gives it a strong platform to launch upwards over the festive season. Given a positive crypto news cycle, Lido DAO could hit $3 before Christmas.
From Lido DAO to Crypto All-Stars: How Staking Is Changing
Lido DAO’s USP is that it’s a liquid staking protocol for those who essentially want to loan their Ether to the platform and generate yield.
Typically, one needs 32 $ETH to begin mining Ethereum. At today’s price that’s over $100k, but Lido DAO hops this high barrier by enabling people to stake however much $ETH they want into the protocol, which then creates pools of 32 $ETH to begin mining and distributing rewards proportionate to the contribution. Stakers also receive the ERC-20 compatible $ETH-pegged stETH coin, which is then burned when they redeem their original Ethereum.
It’s revolutionary stuff, but it’s four years old now. People are familiar with Lido, so there’s not a whole lot of space for it to grow. The token is likely to rise and fall with market leaders Bitcoin and Ethereum.
However, investors searching for the next big thing in staking are piling into a brand new token staking project that adds new value to meme coins.
Enter the MemeVault with Crypto All-Stars
The presale in question is called Crypto All-Stars and it has just raised over $6.1 million as crypto fans pile in to get first-mover advantage in Web3’s first ever dedicated cross-chain meme coin staking protocol.
According to a timer on the website, there may only be 23 days remaining to invest in $STARS at fixed prices before the project’s native token hits the open market, where post-listing trading could easily inflate the price 10X.
Central to Crypto All-Stars is the MemeVault protocol, a bit of software which integrates some of the world’s biggest meme coins, with more coming later, according to the team.
Users can stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income.
The current reward rate for staking these coins is an impressive 324% in the form of $STARS.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends, which will likely be in 23 days.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
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