Aave founder offloads entire LDO bag over 12 months for a total of $2.4M

Stani Kulechov, the founder of Aave and Lens Protocol, sold 715,000 LDO tokens on Dec. 21 data from Etherscan showed.

The tokens were worth around $667,200 as of press time, the batch represented the last of the Lido DAO Token allocation Kulechov got as a seen investor in Lido Finance.

In December 2020, Kulechov was allocated a total of 2 million tokens in exchange for his investment in Lido. He held the tokens until the end of 2021 when he offloaded 50,000 LDO in the first of many transactions.

Spaced weeks apart, Kulechov’s transactions varied from 50,000 LDO to as much as 715,000 LDO. The average selling price for his tokens was around $1.21 — the token was trading at around $0.90 at press time.

Kulechov’s 715,000 LDO transaction put quite a bit of selling pressure on the token, which was its price decrease from just under $1.00 on Dec. 19 to a six-month low of $0.89. The token is now back to its July lows when it lost over half of its value following the Terra crash.

It’s still too early to tell whether Kulechov offloading his LDO will have a long-term impact on the token’s liquidity. The token has been on a downward spiral since August, save for a few weak corrections.

The post Aave founder offloads entire LDO bag over 12 months for a total of $2.4M appeared first on CryptoSlate.