Aave founder offloads entire LDO bag over 12 months for a total of $2.4M
Aave and Lens Protocol founder Stani Kulechov sold 715,000 LDO tokens on December 21st. Etherscan Indicated.
The tokens are worth approximately $667,200 at the time of writing, and this batch represents the last of the Lido DAO token allocations acquired by Kulechov as an investor seen in Lido Finance.
In December 2020, Kulechov was allocated a total of 2 million tokens in exchange for investing in Lido. He held the token until the end of 2021 when he offloaded his 50,000 LDOs, the first of many transactions.
Every few weeks, Kulechov’s transactions varied from 50,000 LDOs to 715,000 LDOs. The average selling price of his token was around $1.21 — the token was trading at around $0.90 at the time of writing.
Kulechov’s 715,000 LDO transactions put considerable selling pressure on the token as the price fell from just under $1.00 on December 19 to a six-month low of $0.89. The token is now back to his July lows after losing more than half of its value following the Terra crash.
It is still too early to tell if Kurechov offloading LDOs will have a long-term impact on token liquidity. The token has been on a downward spiral since August, barring some weak corrections.
