3 reasons why the IDEX price and volume soared
IDEX, a prominent player in the decentralized exchange sector, surged to its highest level since March this year.
The IDEX (IDEX) token climbed to $0.1150, marking a gain of over 335% from its lowest level this year and pushing its market cap to more than $70 million. This rally occurred in a high-volume environment, with 24-hour trading volume increasing by over 4,420% to reach $318 million.
The surge coincided with the total value locked tin IDEX’s network hitting a record high of $70 million. Most of this volume is on its Ethereum (ETH) version, with the rest being on the IDEX Chain and Polygon.
Additionally, data by DeFi Llama shows that the weekly trading volume on IDEX V4, its platform for perpetual futures, jumped to $84.2 million—the highest on record. The platform’s all-time volume has now surpassed $388 million.
The coin also rallied ahead of the upcoming launch of Buy & Lock, which is expected to happen later this week. Buy & Lock will be a liquidity initiative to strengthen its on-chain presence.
As part of this service, 100% of all fees generated in the network will be reinvested and locked. 50% of these fees will be used to buy the IDEX token, reducing the number of circulating supplies.
The remaining 50% of the tokens will be paired with the purchased IDEX and added into a Uniswap (UNI) liquidity pool. The developers hope that Buy & Lock will create more value and liquidity for the network.
The new initiative came after the developers launched its points program that lets users trade, stack points, and then claim rewards every Friday. Users can then reinvest these coins and earn as the IDEX price rises.
IDEX price faces resistance
The daily chart shows that the IDEX crypto price surged to a high of $0.1148 on Dec. 9 and then retreated to $0.086. This retreat happened as Bitcoin (BTC) and most altcoins declined.
The coin remains above the key resistance level at $0.060, its highest level on August 28. It has moved above all moving averages, meaning that bulls are in control.
IDEX has moved slightly below the 61.8% Fibonacci Retracement level. Therefore, the coin will likely bounce back and possibly retest its highest level this week at $0.1148. A break above that level will point to more gains, possibly to the March high of $0.1253.
