DYDX altcoin soars by 133%. Santiment explains the possible reason for the growth

Experts noted a steady increase in the number of holders of the token over the past few months

17.11.2022 - 13:00

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What’s new? Experts at analytics firm Santiment named one of the main beneficiaries of the collapse of the FTX cryptocurrency exchange founded by Sam Bankman-Fried. According to analysts, it was the governance token dYDX from the decentralized exchange (DEX) dYdX. On Twitter, Santiment provides a chart of the growth of the token’s holders in recent months.

🦈 Perhaps one of the larger beneficiaries of the @FTX_Official collapse is @dYdX and its native token, $DYDX. Smart money accumulated prior to prices surging this week. https://t.co/7MpPtgszXNAnd check some of its key #onchain and social charts here: https://t.co/Qq93dZt9zP pic.twitter.com/3ZsQRNcscg — Santiment (@santimentfeed) November 15, 2022

What other data has been published? According to the chart, the number of addresses holding between 1000 and 10 000 DYDX tokens hit an 11-month high before the price spiked. Holders continued to believe in the project and accumulate tokens. That was one of the reasons for the rise. On November 9, the token hit a low of $1,19 and hit a high of $2,78 on November 14. The price increase was 133% in five days.

dYdX is an exchange for margin trading in digital assets and perpetual contracts. It offers exchange, trading, and lending services. The platform runs on smart contracts on the Ethereum network. Operations are made between users directly (P2P).

As of November 17, 12:30 UTC, the value of DYDX decreased to $2,23, a change per day was -2,45%.

In August, dYdX blocked users whose addresses interacted with the Tornado Cash crypto mixer, which was previously sanctioned by the US Treasury Department.

Earlier, DYDX entered the top 5 altcoins that benefited from FTX’s collapse. For what other coins made the list, read GetBlock Magazine’s feature.

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