At press time, Lido Finance (LDO) was trading at $1.47, down 1.41% in the past 24 hours. The token is set to unlock 1.5 million tokens in the next 24 hours, which constitutes approximately 0.27% of the circulating supply.
LDO has been gaining attention lately owing to its involvement in Ethereum (ETH) staking. Now, the upcoming token unlock is likely to increase its circulating supply.
According to a post by Token Unlocks dated September 11, Lido Finance will unlock 1.50 million LDO tokens into circulation, valued at approximately $2.24 million. This amount constitutes 0.27% of the circulating supply.
CoinMarketCap data indicates that the circulating supply of LDO at press time exceeded 888 million tokens. With the impending release of these unlocked tokens, the circulating supply is set to surpass 889 million.
In addition, Lido Finance experienced a significant surge in trading volume over the past 24 hours. The volume chart on Santiment also depicts a minor spike resulting from this uptick. The trading volume was well over $41 million at the time of writing.
The token unlocks are known to cause a significant price drop due to a sudden increased supply. However, the forthcoming unlock of LDO tokens is unlikely to exert a substantial impact on LDO’s price trajectory. The total value of the LDO tokens set to be unlocked amounts to $1.5 million, which appears to be a manageable amount for the market conditions.
