dYdX is making waves in the DeFi world, thanks to its recent migration to the Cosmos interchain protocol, which has propelled the decentralized exchange to the forefront of the market.
With a daily trading volume nearing $757 million, dYdX has now overtaken Uniswap in activity, solidifying its position as a key player in the DeFi ecosystem.
🚀 $dYdX is Making Waves in DeFi! 🚀
The recent migration of dYdX to the Cosmos interchain protocol has catapulted it to the forefront of decentralized exchanges, surpassing Uniswap with a staggering daily trading volume of nearly $757 million! 📈Just imagine💥 NFA pic.twitter.com/h8ehLxoza6— CryptoJr (@paulojr712) October 21, 2024
On October 20, dYdX’s token (DYDX) saw a significant 37.51% price surge after a 23-day consolidation period, signaling that the downtrend which began in March 2024 could be over. The shift toward bullish momentum is supported by three important technical indicators:
1. Downtrend Break: DYDXUSDT decisively broke its downward trend in September 2024, moving out of bearish territory and indicating a strong reversal.
2. All-Time Low Reversal: Before the breakout, DYDX reached a new all-time low, forming a rounded bottom—a classic reversal pattern in technical analysis.
3. Rising Volume: Trading volume for DYDX is at its highest levels in months, showing that the breakout is supported by robust market participation.
The downtrend for $DYDX is officially over, signaling a strong shift towards bullish momentum. Three key indicators support this breakout:
✅Downtrend Break: The downtrend that started in March 2024 was decisively broken in September 2024, moving $DYDXUSDT out of bearish… pic.twitter.com/qIJI79fUuJ
— Chiara.sol (@chiarapromos) October 21, 2024
Whale Sells Oof AAVE To Acquire UNI And DYDX
Adding to the market excitement, a whale recently sold 7,220 AAVE (worth $1.1 million) to purchase UNI and DYDX tokens, according to data from Lookonchain. The whale currently holds 10,000 AAVE (valued at $1.53 million) with a profit of $883K, alongside 546,100 UNI ($4.12 million) and 647,630 DYDX ($803K), both of which are slightly in the red.
A Whale Sold 7,220 $AAVE($1.1M) to buy $UNI and $DYDX!
The whale currently holds 10,000 $AAVE($1.53M) for a profit of $883K, 546,100 $UNI($4.12M) for a loss of $34K, and 647,630 $DYDX($803K) for a loss of $834K.
Address:
0x97255de8f7a2885ce3dcb4bebb8708ce28ec75d4 pic.twitter.com/TF32NBY32R— Lookonchain (@lookonchain) October 21, 2024
According to DefiLlama, on-chain perpetual contracts generated $1.185 trillion in transaction volume across Q2 and Q3, with dYdX V3 & V4 capturing 14.37% of the market, ranking second behind Hyperliquid. As dYdX continues to gain momentum, all eyes are on its next moves in the decentralized exchange landscape.
According to Defillama, the total transaction volume of on-chain perpetual contracts in Q2 and Q3 was US$1,185.7 billion, top three namely Hyperliquid (16.94%), dYdX V3 & V4 (14.37%) and SynFutures (14.11%). Next in line are projects such as Jupiter Perpetual Exchange (6.70%) and… pic.twitter.com/fjd3ztNTju
— Wu Blockchain (@WuBlockchain) October 22, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!