Whales Have Been Gathering This Coin?

Key Points:

• An unnamed whale has been building up DYDX cryptocurrency together with other sizable wallets since October 2022, according to on-chain statistics published by Lookonchain. The last transaction took place just before DYDX’s price surge, and the whales received more over $21 million in cryptocurrencies.
• DYDX mainly mimicked the movement of comparable altcoins from the area. A local bottom was struck at the end of December when the price of DYDX hit a multi-month low.

An unnamed whales has been building up DYDX cryptocurrency together with other sizable wallets since October 2022, according to on-chain statistics published by Lookonchain. The last transaction took place just before DYDX’s price surge, and the whales received more over $21 million in cryptocurrencies.

The whale that the analytical account highlights has been actively collecting DYDX recently. He is not alone, as the data indicates. In a previous article, we mentioned that one wallet connected to Justin Sun was actively selling its secondary holdings, and that wallet had a DYDX coin.

Though the motivation behind such actions is yet unknown, the token’s existence in the wallets of whales like Justin Sun implies that the token was a top choice among significant investors and traders.

The price development of DYDX

From a performance standpoint, DYDX mainly mimicked the movement of comparable altcoins from the area. A local bottom was struck at the end of December when the price of DYDX hit a multi-month low.

Following then, the token has been increasing steadily, making huge gains for whales who started acquiring it last year. The token has attempted to break out before, but today’s local high is not the first. It was recently created.

DYDX had already achieved the 200-day moving average in November but had been unable to surpass it before reversing to the previously noted local low. The big profit-taking that we are currently witnessing did not occur after the price movement that was comparable to what we are seeing today.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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