Lido DAO’s Spectacular 21% Rally Amid Crypto Market Fluctuations

• A recent market surge triggered by a fake tweet caused a sharp surge in Lido as it jumped by 21 percent. 

• Bitcoin and other altcoins took a nosedive after the SEC chair dismissed the ETF approval rumor. 

It can be recalled that a compromised X account of the US Securities and Exchange Commission earlier tweeted that the spot Bitcoin Exchange-Traded Fund (ETF) applications have been approved. This triggered a rally for most of the leading digital assets with Bitcoin (BTC) jumping by 2% to hit $47,900. Later, SEC Chair Gary Gensler dismissed the information, claiming that no approval had been granted yet. 

The @SECGov Twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.

This clarification forced investors to exit their positions, causing the price to take a nosedive to $45,100. As of press time, Bitcoin was down by 2.6% in the last 24 hours, trading at $45,491.98. Its market cap was also standing at $890,187,654,675.

Ethereum is, however, up by 5% in the last 24 hours, trading at $2,423.61. 

Analysts observed that three cryptos stood out in the recent rally as Lido DAO (LDO) surged by 21% in just 24 hours. As of press time, the daily surge was 16% with a weekly return on investment “sitting” around 20.9%. Lido is currently trading at $3.78. The asset had a massive increase of 102% in its trading volume to reach $341.6 million while its market cap also stood at $3,359,617,409. 

BONK and PEPE React Massively to Fake ETF Tweet

Solana-based meme coin BONK also saw a whopping 30% surge in price in just 24 hours. As of press time, the daily surge was around 11%, trading at $0.000015 with a market cap of $935,564,613. Its 24-hour trading volume surged by 115% to $601 million. 

Pepe had a 0.54% surge in the past 24 hours with its 24-hour trading volume surging by 25% to $107.4 million.

Generally, almost all the leading crypto assets are “bleeding” following clarification that the purported tweet of ETF approval is fake.  

On June 6, Lido recorded an impressive growth of 15%, recording a new 52-week high of $3.61. At that point, Bitcoin and Ethereum were trading in the red. At that time, a substantial portfolio shift was recorded as a trader swapped (RNDR) for Lido DAO (LDO). Spot On Chain disclosed that the trader deposited $3.01 million worth of the asset for $1.5 million worth of LDO. After that, the LDO price surged by 13 percent. 

According to analysts, the recent movement of the leading assets following the fake tweet serves as a reminder of the volatile nature of the crypto market in the face of information. Many analysts have predicted that an approval could trigger the inflow of billions of dollars into the market which could also lead to a price surge. Approval is said to be imminent following the recent reports that ARK Invest and 21Shares, Franklin Templeton Digital Holdings, and Invesco Galaxy have filed updated S-1 forms with the US Securities and Exchange Commission.