crypto.news
The native token of dYdX, a decentralized trading platform, recorded an impressive rally despite the whale selloff.
dYdX ($DYDX) surged 29% in the past 24 hours and is trading at $1.28 at the time of writing. Its market cap is hovering around $820 million with a daily trading volume of $350 million.
The asset saw a notable increase in its large holder outflow after hitting the $1.31 mark for the first time since late July. According to data provided by IntoTheBlock, $DYDX saw a whale inflow of 6.42 million tokens and an outflow of 6.82 million tokens—leaving a net outflow of 401,270 $DYDX on Sunday, Oct. 20.
$DYDX gained 29% amid whale selloff, emerging as top gainer - 1"> Sudden increases in the large holder outflows usually hint at panic-selling. In this case, the whale selloff was neutralized due to increased accumulation as $DYDX reached a three-month high of $1.33 later that day.
On the other hand, the $DYDX exchange inflows have been significantly increasing since Oct. 18. Per data from ITB, almost 600,000 $DYDX tokens entered centralized exchanges yesterday—suggesting that more investors might be looking to take profits before the price falls.
This movement is natural since 91% of $DYDX holders are currently at a loss—only 9% are in profit. Some investors might be looking to decrease their losses as the asset is still down by 72.5% down from its all-time high of $4.53 in March.
On Oct. 10, the company’s CEO Antonio Juliano returned after six months of taking the chairman role: “vision is essential to unite and inspire. In my time away from dYdX, execution went well but I saw everyone slowly start to ask ‘wait.. what are we really doing here again?’”