🤯Lido’s LDO Token Surges 20% After Kraken’s Staking Comeback!🚀

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Yo, check this out! Lido’s LDO token, you know, the one from that decentralized autonomous organization (DAO) that does the liquid staking thing for Ethereum (ETH) and other PoS blockchains, had a massive jump in value. It went from $1.98 to $2.37 in just 24 hours! 🤑

Kraken’s Back In The Staking Game, But Only In Some US States…?

Here’s the deal: Kraken, the crypto exchange, decided to relaunch its staking services for US clients in 37 states and two territories. They’re planning to expand to more states as soon as the regulators give them the green light. 📝

Now, for those who don’t know, when you stake your tokens with Kraken, they delegate them to network validators. These validators do the heavy lifting, validating transactions and producing blocks. Then, they share the rewards with you, minus their cut. 💰

Mark Greenberg, Global Head of Consumer at Kraken, said this staking relaunch is a big deal for the US crypto scene. He thinks it’ll help people get into crypto and participate in more crypto-related activities. Greenberg believes that resuming staking in the US will be a game-changer for crypto adoption. 🚀

After Kraken’s announcement, LDO saw a huge spike in buying activity, pushing its price over $2. At the time of writing, LDO has a market cap of $2.1 billion, making it the 63rd largest cryptocurrency. 💪

Lido Up 20%! What Do The Analysts Think?

The crypto analysts are buzzing about LDO’s surge. World of Crypto thinks LDO is breaking out of a bullish pennant and a descending broadening wedge. If this breakout is successful, the token could reach $7-$8 in a few weeks. 📈

Daan Crypto says $3 is a critical resistance level for LDO. They think investors are getting ready for the Ethereum staking narrative. According to them, it’s just a matter of time before we see the first ETH spot ETF filing with staking included. This should boost the performance of liquid staking derivatives like LDO. 📊

Since LDO is closely tied to Ethereum staking, its price is heavily influenced by ETH’s performance. Luckily, analysts are optimistic about an upcoming Ethereum rally. Mister Crypto even said ETH looks ‘bottomed out’ and might be gearing up for a strong rebound. 🌄

At press time, LDO is trading at $2.37, up 19.1% in the past 24 hours. 📈

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2025-02-01 05:12