The reason why DYDX surged 25% today
DYDX, the native cryptocurrency of the dYdX chain, surged around 25% in the past 24 hours, briefly topping the $4 mark.
Ahead, we outline the key factors that led to the stock hitting an 18-month high, as well as its impressive gains over the past month.
DYDX has surged more than 30% in the past 110 days, which may have been triggered by bullish sentiment across the digital asset market.
Recall that leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) also surged on high hopes that a spot BTC ETF would soon be available in the United States, plummeting U.S. inflation, and other factors. reason.
DYDX’s latest uptrend goes against the red wave prevailing in the cryptocurrency market today (January 15th) and could be supported by a massive token unlock that could occur within the next two weeks.
According to Token Unlocks, the event is scheduled to be held on November 28, when 2.16 million assets will be released into circulation. The collection is worth more than $8.5 million (at current exchange rates)
It is worth mentioning that DYDX may experience severe price fluctuations in the next few days, especially after it is unlocked. Such events can impact market liquidity and trading volumes, spurring roller coaster swings in asset valuations.
One password for departure today, the guarantee is doubled and there is still no threshold.
