Altcoin to watch: $DRV plunging the most today?
Derive (DRV) — a decentralized derivatives protocol offering options and perpetuals — is one of the market’s biggest decliners: down 11.3% in 24 hours to around $0.267, with a market cap of ~$280 million. Over the past 7 days, DRV has lost about 17% and is now ~53% below its $0.569 peak on October 9.
Notably, this drop isn’t tied to any specific negative news about the project. On the contrary, Derive has just completed its 92nd weekly buyback (237,000 DRV at an average price of $0.32) and is proposing to increase the share of revenue allocated to buybacks from 35% to 50%. On November 13, DRV was also named in a market newsletter as one of the year’s best-performing tokens.
The broader market backdrop remains bleak: BTC is around $66,800–67,100, below its 200-week moving average (~$67,990); RSI is ~23; the Fear & Greed Index is at 13; and only 17 of the top 100 coins by market cap have risen in the past 24 hours.
Will buyback pressure be enough to support DRV’s price while the broader market is still selling off? What do you think?
#CryptoNews #Derive #Altcoin #Bitcoin
Note: This is market information, not investment advice.
Derive (DRV) — a decentralized derivatives protocol offering options and perpetuals — is one of the market’s biggest decliners: down 11.3% in 24 hours to around $0.267, with a market cap of ~$280 million. Over the past 7 days, DRV has lost about 17% and is now ~53% below its $0.569 peak on October 9.
Notably, this drop isn’t tied to any specific negative news about the project. On the contrary, Derive has just completed its 92nd weekly buyback (237,000 DRV at an average price of $0.32) and is proposing to increase the share of revenue allocated to buybacks from 35% to 50%. On November 13, DRV was also named in a market newsletter as one of the year’s best-performing tokens.
The broader market backdrop remains bleak: BTC is around $66,800–67,100, below its 200-week moving average (~$67,990); RSI is ~23; the Fear & Greed Index is at 13; and only 17 of the top 100 coins by market cap have risen in the past 24 hours.
Will buyback pressure be enough to support DRV’s price while the broader market is still selling off? What do you think?
#CryptoNews #Derive #Altcoin #Bitcoin
Note: This is market information, not investment advice.
