Lido Finance (LDO) Dumps 40% Monthly, Rebound Fails Ahead of Ethereum Merge

LDO faces the prospect of a “sell the news” event following the big “Merge” day. After posting heavy gains last month, bears took over the price of Lido Finance (LDO), posting double-digit losses. Ahead of Ethereum’s biggest upgrade ever, the leading staker’s native token was in worrying territory.

The token had been on a consistent uptrend leading up to the event but failed to hold momentum since mid-August as a result of slow demand for staking and mixed expectations for the Merge. Since then, its price movement has been rangebound. But many industry experts believe that the Merge could potentially become a “sell the news” event, further extending its downtrend. Ethereum 2 staking-as-a-service provider. In fact, 31% of the entire amount of ETH staked is via Lido, according to a recent report by Nansen.

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