Skip to content Skip to sidebar Skip to footer


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

Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox

Check price action

follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Blend

Check the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/animedigitalartstudio





Source link

1 Comment

Leave a comment