An onchain trader previously identified by Lookonchain analysts as the wallet behind a profitable Apecoin insider trade has expanded a long position in Lido DAO to 10.26 million $LDOvalued at approximately $4.58 million.
Key Takeaways:
- The wallet linked to APE’s insider trading now contains 10.26 million $LDO worth $4.58 million, per Lookonchain.
- Accumulation follows $LDO‘s sell-off on April 20, when the token fell about 19% amid KelpDAO-linked decentralized financial contagion.
- $LDO has recovered by around 5% in the last 24 hours as broader sentiment within DeFi stabilizes.
Same wallet, new position
The wallet first attracted attention when Lookonchain analysts identified it as the source behind an early Apecoin move converted $174,000 into $2.45 million in a single trading session. The same address has since been converted into Lido DAO, the decentralized finance (DeFi) liquid staking protocol that controls the majority of the ether staked on the Ethereum network.
The $LDO Accumulation increased in the wake of the KelpDAO breach earlier in April, which led to a broad sell-off of DeFi tokens. $LDO fell by about 19% on April 20 contamination due to the incident rippled through the liquidity pools and caused large-scale capital exits from Aave and related protocols.
The wallet’s willingness to accumulate during that dip indicates a deliberate counter-trend position, and at 10.26 million $LDOthe stake at current prices is estimated at approximately $4.58 million.
$LDO Stable as DeFi sentiment recovers
Lido DAO is up about 5% over the past 24 hours, continuing a tentative recovery from DeFi’s worst liquidity crisis. Trading volume for $LDO reached approximately $58.4 million in the 24-hour period ending April 26, reflecting renewed speculative interest in the protocol.
Lido controls approximately 28% of all ether staked and gives $LDO token holders have governing authority over one of the largest DeFi protocols based on the total value locked. A separate investor raised $1.86 million $LDO over-the-counter in April, following the protocol’s $20 million token buyback program approved by the DAO in the same month, indicating a broader pattern of accumulation from larger onchain participants during the recent weakness.
Whether this contrarian bet pays off will likely depend on ethereum’s broader market performance, but for now all statistics indicate that smart money is using the recent volatility as a strategic opportunity to secure board power at a discount.