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Lido Finance: A-Z of how the liquid staking platform fared in the last 2 weeks

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Lido Finance: A-Z of how the liquid staking platform fared in the last 2 weeks

  • Lido Finance recorded an all-time high for its Ethereum staking APR.
  • This was due to a spike in MEV rewards on the liquid staking platform.
  • The collapse of FTX led to a drop in TVL and Curve reserves on Lido Finance

Leading Ethereum [ETH] staking platform Lido Finance [LDO] clinched an all-time high of 10.21% in ETH staking annual percentage rate (APR) on the platform, data from Dune Analytics revealed. 


Read Lido [LDO] Price Prediction 2022-2023


A year ago, ETH staking APR on the liquid staking platform was 4.84%. In the last 365 days, this rallied by over 100%. 

Source: Dune Analytics

The reason for the surge in ETH staking APR on Lido was because of the growth in cumulative Lido MEV rewards and the quantum of it being restaked by validators on the platform. 

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As of 14 November, having grown by over 70% in the preceding 14 days, cumulative Lido MEV rewards touched 17,039 ETH. As a result, the average daily rewards restaked by Lido was 255.87 ETH, leading to an 11.33% increment in stETH APR since the merge. 

Retaining a 31% share of the ETH staking market, ETH staking on Lido grew by 9% since the merge, data from Glassnode revealed. 

Source: Glassnode

Lido in the last 14 days

While Lido saw a rally in its ETH staking APR and stETH APR, data from DefiLlama revealed a drop in the protocol’s total value locked (TVL) in the last 14 days. At $6.05 billion at press time, Lido’s TVL declined by 19% since the beginning of November. 

Source: DefiLlama

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Within the period under consideration,  while staking deposits of ETH, Polkadot [DOT], and Kusama [KSM] grew by 2%, 2%, and 1.6%, respectively, Lido staked Solana [SOL], and Polygon [MATIC] fell by 35% and 17%, respectively.  

⚡️Lido Deposits ⚡️

– Ethereum: 4,545,536 ETH (14d: +2.15%)
– Polygon: 45,922,978 MATIC (14d: -17.03%)
– Solana: 2,638,902 SOL (14d: -35.38%)
– Polkadot: 2,360,741 DOT (14d: +2.03%)
– Kusama: 86,093 KSM (14d: +1.63%) pic.twitter.com/g5Zs3TkxI8

— Lido (@LidoFinance) November 14, 2022

As for its stETH/ETH liquidity pool on Curve Finance, Lido suffered a decline as a result of the market turbulence triggered by the collapse of the leading cryptocurrency exchange FTX. 

According to data from Dune Analytics, in the last 14 days, in the liquidity pool, ETH composition fell by 58% while stETH composition declined by 29%. This led to a 56% drop in the pool’s TVL in the last two weeks.

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At press time, Curve reserves were made up of 418,464 stETH and 250,750 ETH.

Source: Dune Analytics

After a severe price decline following the downturn of the general market when FTX collapsed, LDO’s price appeared to have corrected in the last 24 hours. Per data from CoinMarketCap, LDO traded at $1.14 as of this writing, with a 9% price growth in the last 24 hours. Within the same period, its trading volume was up by 14%. 

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Altcoins

UNI is ripe for buying opportunities after a bullish crossover, but…

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UNI is ripe for buying opportunities after a bullish crossover, but…

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • UNI could reach the 50% Fib level in the next few days or weeks if BTC maintains its uptrend 
  • UNI’s open interest is rising, which is a bullish outlook for derivatives markets

Like the rest of the altcoins, Uniswap [UNI] also rallied after BTC regained the $16,000 level on 22 November. At press time, it was trading at $5.80 and was in an uptrend. The Moving Average Convergence Divergence (MACD) also gave investors a buy signal through its bullish crossover. 

However, the price rally faced significant resistance, which cautious traders should watch out for before going long on UNI.


Read Uniswap’s [UNI] price prediction 2023-2024


We have a buy signal, but can the uptrend last?

Source: TradingView

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In October, UNI  witnessed a major rally that extended into November before the FTX saga put the brakes on it. Subsequent recovery attempts after the market crash established $5.28 as solid support for the bulls.  

At press time, UNI was poised for another rally after BTC attempted to reclaim $17K. A bullish MACD crossover provided buying opportunities for UNI traders. However, the question was: Is the buy signal solid and could the uptrend continue? 

A key technical indicator showed that the uptrend could sustain momentum. The Relative Strength Index (RSI) retreated from the lower part of the selling range with a steep rise. This showed that the selling pressure had eased, and the bulls were able to prop up UNI’s price.  

The On-Balance Volume (OBV) also showed a rise in the upper range despite an almost flat profile since 21 November. This showed that there was a significant trading volume that could increase buying pressure.  

If the bulls maintain the above leverage, they could break the 38.2% level ($5.89) and target the 50% Fib level ($6.25). However, an intraday close below the current support at $5.28 could negate the above inclination.

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UNI sees an increasing Open Interest

Source: Coinglass

According to Coinglass, UNI saw conflicting open interest trends in November. After the market crashed in early November, UNI’s open interest rose steadily, only to drop again starting in mid-November.  

At press time, a rising open interest could be seen towards the end of November. This showed that money was flowing into the derivatives market of UNI.

Furthermore, this also indicated a bullish outlook in the derivatives market, which could soon spill over into the spot market. In this case, the upward momentum of UNI could continue if BTC continues to trend upward.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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PancakeSwap’s progress may not sit well with investors, is CAKE the culprit

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PancakeSwap’s progress may not sit well with investors, is CAKE the culprit

  • CAKE planning to bring a new Syrup Pool/Farm on PancakeSwap
  • However, days ahead might get harder as metrics and indicators were not supportive

PancakeSwap [CAKE] recently revealed that they have been working with Hashflow to bring a new syrup pool and farm to PancakeSwap. Before voting on PancakeSwap, the hashflow must receive more than 60% support for the syrup pool and farm.

Hey community members,

We have been working with Hashflow to bring you a BRAND NEW Syrup Pool/Farm on PancakeSwap. For the Syrup Pool and Farm to happen, the vote needs more than 60% positive votes on Hashflow itself, before it can be voted on PancakeSwap. pic.twitter.com/vReAlutILT

— PancakeSwap 🥞 #BSC (@PancakeSwap) November 29, 2022


Read PancakeSwap’s [CAKE] Price Prediction 2023-2024


Furthermore, CAKE also topped the list of projects that were the most viewed and trending on CoinMarketCap, and a possible reason for this might be the aforementioned update. Apart from CAKE, QUACK and BabyDoge also made their place in the top three.

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🎉 Most Trending & Viewed Projects on @CoinMarketCap 🔥

🥇 $CAKE @PancakeSwap
🥈 $QUACK @RichQuack
🥉 $BABYDOGE @BabyDogeCoin$DOGE @BabyDogeCoin

The Top trending cryptocurrencies that people are searching for on #CoinMarketCap🔥#BNB #BSC #WEB3 🧬 pic.twitter.com/vBoHEbQ3Ou

— BSCDaily (@bsc_daily) November 29, 2022

With all these developments on the chain, CAKE’s price action decided to take the opposite route. As of 30 November, CAKE registered negative daily gains. CoinMarketCap’s data revealed that at the time of writing, CAKE was down by nearly 1% in the last 24 hours.

Furthermore, CAKE was trading at $3.96 with a market capitalization of more than $622 million. Let’s have a look at CAKE’s on-chain metrics to understand what the last weeks of this year might have in store for it.

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Is CAKE’s goodwill dwindling?

Santiment’s data revealed that CAKE’s daily active addresses kept declining over the last month. This indicated a lower number of users present on the network. Moreover, CAKE’s weighted sentiment was also considerably lower, suggesting less popularity for the token in the crypto community.

Source: Santiment

However, the Market Value to Realized Value (MVRV) ratio gave slight hope as it registered upticks. This indicated a price hike in the coming days. Furthermore, CAKE’s burn rate was optimistic, with over 6 million CAKE tokens worth $27 million burned.

Source: Santiment

Can the market indicators give relief?

Most of the market indicators also painted a bearish picture for CAKE, which suggested that investors might have a hard time ahead. For instance, the Chaikin Money Flow (CMF) registered a steep downtick, which was bearish.

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Moreover, the Exponential Moving Average (EMA) Ribbon revealed that the bears had the upper hand in the market as the 55-day EMA was resting above the 20-day EMA. Nonetheless, CAKE’s Relative Strength Index (RSI) provided some much-needed relief by going up during the last few days. This could be a sign of a price surge in the coming days.

Source: TradingView

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Going long on Dogecoin [DOGE]? Here’s what you need to know

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Going long on Dogecoin [DOGE]? Here’s what you need to know

  • DOGE was strongly bullish 
  • It faces a bearish order block around the 100% Fib level ($0.10790)
  • Declining development activity and negative sentiment could undermine further near-term price recovery

Dogecoin’s (DOGE) price rally began on 22 November after BTC reclaimed the $16,000 level, and at the time of writing, it resulted in a price increase of over 40%.

At press time, DOGE was trading at $0.10649, up 3% in the last 24 hours.  

However, it faced an important bearish order block around the 100% Fib level. If the bulls of DOGE maintain upward momentum, a bearish breaker could shatter the current resistance and target $0.11652. 

Double resistance at the 100% Fib level and a bearish order block

Source: TradingView

DOGE faced two closely spaced obstacles in the 4-hour time frame. One was the immediate bearish order block zone, and the other was the 100% Fib level. Can the bulls breakthrough both at the same time? 

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The technical indicators on the 4-hour timeframe suggest that the bulls could break through these obstacles. In particular, the Relative Strength Index (RSI) was at 66 after avoiding the neutral 50-level and continuing to rise. This shows the bulls have too much leverage and could move on with the uptrend momentum. 

At press time, the on-balance volume was also supporting the bulls in their forward momentum. It moved steeply higher despite a slight sideways movement. It showed that trading volumes have increased, which gives the bulls enough buying pressure to overcome the two obstacles.

Thus, if the uptrend continues, DOGE could see a bearish breaker and breach the 100% Fib level ($0.10790). 

However, a break below the current support at the 78.6% Fib level ($0.10010) would invalidate the above bias. In that case, the bulls could find new support at the $61.8% level ($0.09396).

DOGE recorded negative sentiment and a decline in development activity

Source: Santiment

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That said, DOGE recorded a steady increase in development activity from 21 November, which peaked on 28 November. During the said period, the prices of DOGE also increased. However, the decline in development activity at the time of publication also coincided with weighted sentiment sliding deeper into negative territory.  

Although DOGE has risen despite the continued negative sentiment in the past, the decline in development activity could prevent further price appreciation. The BTC’s performance could also affect the price performance of DOGE, so investors should keep an eye on it. 

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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