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According to on-chain data shared by Lookonchain, an anonymous whale has been accumulating DYDX cryptocurrency along with other large wallets since October 2022. The whales received more than $21 million worth of the cryptocurrency, and the last transaction occurred right before DYDX's rise on the market.
The whale highlighted by the analytical account has been actively accumulating DYDX in the last few months. As the data suggests, he is not the only one. Previously, we highlighted that a Justin Sun-affiliated wallet has been actively selling its secondary holdings, and one of those wallets included a DYDX token.
A whale has been accumulating $DYDX.
— Lookonchain (@lookonchain) January 29, 2023
The whale received 9.5M $DYDX ($21.4M) from #Binance since Oct 18, 2022, with an average receiving price of $1.62.
The last time he/she received $DYDX was on Jan 20, before the price of $DYDX rose.https://t.co/A6shjVi3PB pic.twitter.com/F4S47xY092
The presence of the token in the wallets of whales like Justin Sun suggests that the token was a top pick among large investors and traders, though the reasoning behind such operations remains unclear.
DYDX's price performance
From a performance perspective, DYDX was mostly replicating the movement of similar altcoins from the space. By the end of December, the price of DYDX has reached a multi-month low, marking that point as a local bottom.
After that, the token has been going up without any stops, bringing significant profits to whales who started accumulating it last year. However, the local high the token reached today is not the first breakout attempt. It was made recently.
Back in November, DYDX had reached the 200-day moving average but failed to break through it and reversed to the local low we mentioned before. However, the price that moved similar to what we see today was not followed by the massive profit-taking we are seeing now.
At press time, DYDX is trading at $2.3 with a 0.1% price increase in the last 24 hours.