Despite a whale selloff, dYdX’s native token (DYDX) experienced a significant gain of 29%. Currently trading at $1.28, the token has a market cap of approximately $820 million and a daily trading volume of $350 million. Although there was a notable increase in large holder outflows, with 6.82 million tokens leaving, the panic-selling was neutralized due to increased accumulation. On the other hand, DYDX exchange inflows have been rising since October 18, suggesting that some investors may be looking to take profits before a potential price decline. As 91% of DYDX holders are currently at a loss, only 9% are in profit, prompting some investors to minimize their losses. CEO Antonio Juliano recently returned after a six-month absence, emphasizing the importance of a clear vision for the company.
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DYDX gained 29% amid whale selloff, emerging as top gainer
