Smart Money Scores Big With Latest DYDX Move: Lookonchain

On-chain analyst Lookonchain published information on the trades made by a “Smart Money” who made significant transactions on the Binance exchange. The Smart Money allegedly made transactions at optimal times, which resulted in substantial returns.

They allegedly possess 983,602 $DYDX at the moment, which has a value of $2.42 million at the time of this publication. The term “Smart Money” is how Lookonchain refers to savvy investors. Lookonchain shared a two-part Twitter thread explaining the Smart Money’s transactions alongside screenshots of the trades.

According to Lookonchain data, the ‘Smart Money’ had previously received 210,438 DYDX tokens from Binance at an average price of $2.37 and transferred them back to Binance at an average price of $2.8. The transfer has caught the attention of many as it suggests that SmartMoney is bullish on DYDX and sees potential in its future.

According to market watchers, the recent transfer of $1.43M worth of DYDX tokens indicates that the ‘Smart Money’ is doubling down investments in the platform. The transfer has also undoubtedly caught the crypto community’s attention, and many will be watching to see how the entity’s investment in the platform plays out in the near future.

Lookonchain highlighted the trades to inspire its followers to trade strategically. On their side, the ‘Smart Money’ identified the opportunity presented by $DYDX for their advantage. Furthermore, DYDX, the perpetual trading option, is exchanging hands at $2.55, a 3.60% gain in the past 24 hours.

In addition, DYDX has a 24-hour trading volume of $143,873,101 and a ranking of 96 on CoinMarketCap. Moreover, the market cap for the cryptocurrency pair is now sitting at $398,831,504, according to CMC data.