When the on-chain data is analyzed, it is seen that the venture capital company Dragonfly Capital has transferred a significant amount of altcoins to Binance.
LDO Price Drop Following Dragonfly Capital’s Altcoin Transfer
According to the data, Dragonfly Capital transferred 2 million Lido Finance (LDO) to the cryptocurrency exchange Binance within two hours.
The total value of the LDO tokens was around $5 million when the whale made the transfer. The price of LDO, which is on the rise, fell after the transfer of the whale from the level of $ 2.53 and is trading at $ 2.41 at the time of this writing.
When the previous data is examined, we see that Dragonfly Capital made LDO purchases at $ 0.75, $ 2.43 and $ 1.52.
The recent transfer of 2 million LDO tokens to Binance indicates that Dragonfly Capital may be receiving a dividend from its Lido Finance investment.
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Dragonfly Capital is recognized as a venture capital firm specializing in blockchain and cryptocurrency investments. The firm was founded in 2018 by Alexander Pack and Bo Feng, who both have extensive experience in the technology and investment industries.
Dragonfly Capital has made a number of notable investments in the blockchain and cryptocurrency space, including funding rounds for projects such as Polkadot, Compound, and Chainlink. The firm has also played an active role in the decentralized finance (DeFi) sector by investing in platforms such as Uniswap and Aave.
*Not investment advice.