• dYdX has seen an increase of over 30% in the last 48 hours due to the postponement of its token unlock.
• The primary driver of the price increase was the announcement, while other variables also played a role.
• Data shows that investors are looking to lock in profits and are not anticipating any future increases.
The cryptocurrency industry has seen a significant surge in activity over the past 48 hours, with dYdX leading the way. dYdX is a derivative’s exchange token, and its value has increased by over 30% in the last 48 hours. This surge in value began after the dYdX project itself announced the postponement of its token unlock.
The token unlock is when tokens are distributed to early investors and dYdX founding team members, and it was originally scheduled for 3 February but has been postponed until December. This means that the next month’s planned supply increase of 83 million tokens will now be assigned to investors and unlocked on 1 December. There are currently roughly 156 million tokens in circulation, with a total of 1 billion set to be issued.
The news of the postponement caused a sharp increase in the price of the token, as intense buying pressure started. This lead to a significant influx into exchanges, as seen by the Netflow of almost 2 million, with more money flowing into exchanges than out. This data suggests that investors are looking to lock in profits and are not anticipating any future increases.
It is worth noting, however, that the token unlock will still happen at some point, and so the current trend may change once it is unlocked. This has not stopped new users from entering the market, as the token has still been drawing in new buyers. It is clear that people are still confident in the long-term prospects of the project, despite the short-term price decline that may occur.
All in all, the past 48 hours have seen a significant increase in the value of dYdX, and it will be interesting to see how the token performs in the future. With the token unlock still set to happen, the current trend may change, and it will be fascinating to observe how the market reacts to this news.