Ethereum-Based Altcoin Explodes 130% in Matter of Days – Here’s the Catalyst According to Crypto Analytics Firm Santiment

Ethereum-Based Altcoin Explodes 130% in Matter of Days – Here’s the Catalyst According to Crypto Analytics Firm Santiment


The crypto analytics firm Santiment is breaking down why one decentralized exchange (DEX) altcoin took off amid the broader crypto downturn.

The governance token of the dYdX (DYDX) DEX hit a low of $1.19 on November 9th and a high of $2.78 on 14th November, a 133% increase.

The 102nd-ranked crypto asset by market cap has since lost some of those gains and is trading at $2.26 at time of writing.

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Santiment notes that the “smart money” accumulated DYDX prior to the price increase. Mid-tier addresses holding between 1,000 and 10,000 DYDX accumulated their highest level of the asset in 11 months by November 14th.

Source: Santiment/Twitter

The dYdX DEX uses Ethereum (ETH)-based smart contracts to support perpetual, margin, and spot trading, as well as

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