The Reason DYDX Price Exploded 25% Today
TL;DR
- DYDX Price Increase: DYDX, the dYdX chain’s cryptocurrency, rose by 25% in 24 hours, reaching over $4 and marking an 18-month high, with a 110% increase in the past month.
- Influencing Factors: The growth is aligned with the overall bullish trend in the crypto market, influenced by factors like potential BTC ETFs in the US and decreasing inflation.
- Impact of Upcoming Token Unlock: An impending token unlock on November 28, releasing 2.16 million DYDX tokens, could significantly affect its price and market dynamics, possibly leading to enhanced volatility.
DYDX, the native cryptocurrency of the dYdX chain, has spiked by approximately 25% for the past 24 hours, briefly surpassing the $4 mark. In the following lines, we will outline the main factors that contributed to reaching the 18-month high, and the impressive gains charted in the past month.
DYDX has exploded by over 110% in the last 30 days, possibly triggered by the bullish sentiment in the entire digital asset market.
Recall that leading cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), have also soared substantially on the background of high hopes that a spot BTC ETF could soon see the light of day in America, plunging inflation in the States, and other reasons.
The most recent uptrend of DYDX, which defies the prevailing red wave in the crypto market today (November 15), might be bolstered by a large token unlock that might see the light of day in the next two weeks.
According to Token Unlocks, the upcoming event is scheduled for November 28 and will witness 2.16 million assets released in circulation. The stash equals over $8.5 million (going by current rates).
It is worth mentioning that DYDX might experience severe price swings in the following days, especially after the unlock. Events of this type could impact market liquidity and trading volume, thus spurring a rollercoaster in the asset’s valuation.
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