• Decentralized derivative token dYdX [DYDX] was one of the top performers in the last seven days of crypto trading, according to data from CoinMarketCap.
• Withdrawals from exchanges have spiked over the last 30 days, possibly because bullish traders were HODLing tokens anticipating a price increase.
• The demand for DYDX was spurred by hype around the impending mainnet launch of the ecosystem’s standalone blockchain dYdX V4.
Aggressive Accumulation by Experienced Investors
The native token of decentralized derivative dYdX surged in value, spurred by aggressive accumulation by experienced investors. Withdrawals from exchanges have spiked over the last 30 days, indicating that bullish traders were HODLing tokens in anticipation of a price increase.
Mainnet Launch Spurring Demand
The demand for DYDX was further fueled by hype around the impending mainnet launch of the ecosystem’s standalone blockchain dYdX V4. The chain, being developed using Cosmos [ATOM] framework, is currently in its testing phase and will be released soon. This could lead to DYDX becoming the native L1 asset on this new chain.
Smart Money Wallets Increasing Stacks
Data from Nansen analysis shows that while the count of smart money wallets holding DYDX tokens has stayed flat over the last two months, they have been steadily adding to their stacks. Smart money is generally used for well-informed and experienced investors who understand the market better than retail investors and have a proven track record of profitability.
Price Reversal After Market Collapse
The surge in DYDX’s price reversed all losses since its market collapse last week and it was priced at $ 2.15 at press time .
Profit Calculator Available
For those interested in investing with DYDX, there is a Profit Calculator available which helps determine how much 1 , 10 , 100 DYDXs are worth today .