DYDX garners interest from seasoned investors: What’s coming next?

DYDX garners interest from seasoned investors: What’s coming next?

August 26, 2023

By Aniket Verma

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DYDX’s recent rally reversed all losses since the market collapse of last week.

Withdrawals from exchanges spiked over the last 30 days.

Decentralized derivative token dYdX [DYDX] was one of the top performers in the last seven days of crypto trading, according to data from CoinMarketCap. Much of the growth was powered by the overnight rally of 23 August, during which the token jumped 10% to $2.19.

Although the price retreated back to $2.15 at press time, the upsurge reversed all the losses made by the asset since the market collapse of last week.

Experienced investors grab DYDX

The spike in DYDX’s price was led by seasoned investors of the coin. In a statement shared with AMB Crypto, Nansen analyst Martin Lee said that while the count of smart money wallets holding DYDX tokens has stayed flat over the last two months, they have been steadily adding to their stacks.

For the uninitiated, “smart money” is a term generally used for well-informed and experienced investors, having a better understanding of the market vis à vis retail investors. This cohort has a proven track record of profitability.