Lido Finance's DAO governance token, LDO, has become one of the best-performing altcoins in the cryptocurrency market, with a surge of more than 280 percent over the past few weeks. It seems that the fire of the rise in the altcoin is not extinguished and the rally continues from where it left off.

Lido DAO (LDO) has shown that the fever of the rally, which it started by increasing its value by more than 30 percent in the last few days, will not end in the near future. The rally gained momentum after the official date was announced for The Merge, as Lido will be one of the biggest beneficiaries of the new update on Ethereum.

coinex

The announcement of the highly anticipated date for The Merge update caused buyer pressure on the altcoin as the platform holds a large number of stETH tokens. With Ethereum moving from Proof of Work (PoW) to Proof of Stake (PoS) in September, it seems that more users want to take advantage of Ethereum 2.0 by joining the Lido DAO.

With the fire of The Merge rally fading, LDO began to slowly but steadily reverse the decline, fueled by potential Lido DAO portfolio diversification with the help of DragonFly capital. Fortunately, some users did not approve the proposal through decentralized voting. Since the DAO tokens would not be sold, the selling pressure was relieved and the rally was allowed to continue. LDO managed to break the resistance at $1.5 at that moment.

Ldo Lido Dao-1

The latest weekly figures released by Lido Finance have been a strong support for the token, with the market showing signs that the rally's fever is fading. The price of the LDO token rose 7.9 percent in a week as the TVL of the project reached $7.49 billion and the DeFi industry showed some signs of recovery. LDO recorded its last local high of $2.6, up 15 percent in the last 24 hours and is trading at $2.62 at the time of writing.