Lido Staked Ether Analysis: A 100% Circulation and a 0.041% Potential Market Cap Increase as of July 10, 2023
In this analysis, we delve into the data behind Lido Staked Ether (STETH), a promising player in the cryptocurrency world. With a focus on its price, trading volume, and supply, we uncover key insights and future predictions.
Lido Staked Ether (STETH), currently ranking 7th in terms of market cap, has attracted the attention of 12,602 cryptocurrency observers. The current price of STETH hovers around $1,863.10, showing a modest 24-hour increase of 0.3%. Compared to BTC, STETH has registered a slight gain of 0.2%.
The market cap of STETH is approximately $14.19 billion, contributing to a market cap dominance of about 1.17%. The 24-hour trading volume of STETH is around $8.71 million, demonstrating a volume to market cap ratio of 0.0006.
Looking at supply metrics, the fully diluted valuation of STETH, which estimates the market cap if the maximum supply was in circulation, stands at roughly $14.192 billion. The circulating supply of STETH is around 7.62 million, accounting for 100% of the total supply. This is in line with the maximum supply limit set for STETH, which is also 7.62 million.
Our analysis reveals that if the total supply of STETH were in circulation at the current price (which is indeed the case), the potential market cap would be approximately $14.197 billion. This indicates a potential increase of around 0.041% in the market cap from its current value.
As the total supply of STETH is already in circulation, future increases in the market cap would primarily be driven by price changes. Assuming continued demand for STETH and stable or increasing prices, we could foresee further growth in the market cap.
In conclusion, Lido Staked Ether presents a unique case in the cryptocurrency world with its total supply already in circulation. Its potential for a modest increase in market cap signals opportunities for investors, given the right market conditions.
What is Lido Staked Ether (STETH)?
Lido Staked Ether (STETH) is a token that represents staked ether in the Lido protocol. Users receive STETH in return when they stake their ETH through Lido. STETH tokens are pegged to the value of the staked ETH, and they allow holders to earn rewards while also being able to use their staked assets in the Ethereum ecosystem.
