DYDX gained 29% amid whale selloff, emerging as top gainer
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.
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?’”
