Smaller tokens like $DYDX are showing high returns while a bigger fish like $XRP is struggling to maintain momentum
Lido Finance aims to provide decentralized liquidity solutions for staked Ethereum. In the past 48 hours, LDO has gained more than 14% to its value, making it one of the most sought-after digital assets. The increase in staking volume on the Ethereum network is one of the factors that has contributed to LDO's strong performance.
However, there are some risks for LDO holders, including the continuously rising competition on the market. At the time of the launch of Ethereum staking, Lido Finance was dominating the market, with almost all the existing staking volume going through only one provider. The situation has changed today, but Lido Finance remains the biggest and most commonly chosen solution for gaining liquidity while staking ETH.
DYDX saw a 140% rally before dropping by over 20%. However, the asset has already reversed and gained 6% to its value, showing that it has the potential to continue the rally. This sudden turn of events can be attributed to the strength of the DYDX community, which has shown unwavering support for the asset even amid selling pressure from whales.
At press time, DYDX is trading at $2.89 and gaining less than 1% to its value in the last 24 hours. With the asset's recent performance and the support of its community, DYDX could be one to watch in the coming days and weeks. However, it is important to remember that the cryptocurrency market is a highly volatile one, and investing in any asset comes with its own risks.
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