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Founder of Bitcoin Mining Sells This Altcoin: More to Come! - Coin Bulletin
The founder of the Bitcoin mining pool is selling in the altcoin, of which he is one of the first investors, and trying to get rid of everything he has.
According to the sharing of the on-chain analysis platform Spot On Chain, Chun Wang, the founder of F2Pool, one of the world's largest Bitcoin mining pools, sold 2.5 million Lido DAO (LDO) in the last 14 days, obtaining 4.5 million dollars worth of Tether (USDT). These sales indicate that the founder is gradually reducing and almost completely disposing of his LDO assets.
Wang resumed sales after approximately 10.5 months of hiatus on November 21, 2024. Since then, he has steadily increased his sales pace, selling 6.1 million LDO and earning 10.42 million USDT. The average price of his sales was calculated as $1.708.
Ethereum altcoin may face selling pressure
Chun Wang, as one of the first members of Lido DAO, received 20 million LDO. However, he now only has 2.5 million LDO worth only 3.88 million dollars. This situation raises questions about whether he will completely exit LDO. If he continues selling, he may create additional pressure on LDO and affect its price.
LDO, according to CoinGecko data, has experienced a %15.8 loss parallel to the deteriorating Ethereum (ETH) price in the last 14 days and is trading at $1.55.