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Crypto analytics firm Santiment explains why a decentralized exchange (DEX) altcoin has taken off amid the broader crypto downturn.

The dYdX governance token (DYDX) DEX reached a low of $1.19 on November 9 and a high of $2.78 on November 14, an increase of 133%.

The crypto asset ranked 102nd by market capitalization has since lost some of those gains and is trading at $2.26 at the time of writing.

Santiment notes that “smart money” accumulated DYDX before the price increase. Mid-level addresses holding between 1,000 and 10,000 DYDX accumulated their highest level of assets in 11 months on November 14.

Source: Santiment/Twitter

The dYdX DEX uses Ethereum (ETH) based on smart contracts to support perpetual, margin, and spot trading, as well as borrowing and lending.

Healing too Remarks that whales accumulate Aragon (ANT), a decentralized governance platform on the Ethereum blockchain. As Aragon’s supply on exchanges dwindles, addresses holding between 100,000 and 1 million ANT are nearing an all-time high.

Source: Santiment/Twitter

ANT is trading at $1.99 at the time of writing. The 248th-ranked crypto asset by market capitalization is up nearly 5% in the past 24 hours.

This is the opposite trend for Ethereum whales, according to the crypto-analytics firm.

explains Santiment,

“Ethereum’s 100,000+ ETH addresses have significantly reduced their collective holdings since Nov. 4. Likely related to FTX address shuffling, this blue line is somewhat correlated with price. But that may be anomalous under these circumstances. unique.

Source: Santiment/Twitter

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