• 02 November, 2024
Market News

Massive $DYDX Release Looms as 83.2% of Circulating Supply Set to Hit Markets

Massive $DYDX Release Looms as 83.2% of Circulating Supply Set to Hit Markets

In a significant turn of events, the decentralized finance (DeFi) community is bracing itself for a massive unlock as 150 million $DYDX, amounting to a staggering $485 million, or 83.2% of the circulating supply, is poised to hit the market within the next 24 hours on December 1.

Source: Spot On Chain

The DYDX token, standing at $3.23 with a 1.27% increase over the past 7 days, exhibits a resilient market performance. With a market cap of $593.22 million, it holds the 76th position, representing 2.86% of the overall market. The trading volume over the last 24 hours reflects a noteworthy $103.07 million, contributing to a volume-to-market cap ratio of 13.13%, indicative of active market participation.

As the countdown begins, on-chain data provides a glimpse into the current state of $DYDX holdings and the strategic moves made by major players ahead of this substantial release. Currently, the top 20 holders collectively control a substantial 849 million $DYDX, equivalent to $2.74 billion, making up 84.9% of the total supply. Among these notable holders are Teneo, the 3AC liquidator, Defiance Capital as a key investor, and Wintermute Trading serving as a prominent market maker.

Source: Spot On Chain

Leading up to the imminent unlock, approximately 8.87 million $DYDX, valued at $28.9 million, have been either sold via decentralized exchanges (DEX) or deposited into major platforms like Binance, Kraken, and OKX by influential whales and venture capitalists (VCs). Notable transactions include CMS Holdings depositing a substantial 2.29 million $DYDX ($5.41 million) into Binance, closely followed by whale 0x2a2 with an outflow of 1.508 million $DYDX ($4.89 million) to Binance.

Interestingly, a significant portion of whales and VCs opted to bridge $DYDX to the dYdX chain. A total of 438.1 million $DYDX, equivalent to $1.42 billion, has been bridged so far, constituting 43.8% of the total supply. Some key players in this move include a16z crypto, which bridged 42.69 million $DYDX, and VC giant Blockchain Capital, responsible for bridging 9.51 million $DYDX.

Source: Spot On Chain

As the DeFi landscape eagerly awaits the unlocking of this substantial $DYDX supply, the market dynamics are poised for a potential shift. Traders and enthusiasts alike are closely monitoring these developments, seeking to understand the impact on the broader crypto ecosystem. Spot on Chain continues to spot opportunities and unlock insights, keeping the crypto community informed about the latest trends and developments in the decentralized finance space.

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