According to Ali,A market analyst based on Twitter, the whale accumulation of DYDX tokens has surpassed 10 million in just a matter of one month. This is even despite the negative market sentiment towards dYdX and its native token, $DYDX.
The data shows that around 1,244 wallets have each accumulated over 1000 tokens during this period. Of these wallets, 8 are whales with over 10 million tokens in their possession.
The data collected shows a significant surge in accumulation during the last week of August, during which whales purchased over $10 million worth of tokens. It is believed that this accumulation could be an indication of bullish sentiment in the market for DYDX, as whale investors often place large buy orders when they believe a token will increase in value.
The data also shows that during this period, several of the largest purchasers of $DYDX tokens were institutional investors. These investors could be taking advantage of the current bear market to accumulate DYDX tokens at a discount, as the price has decreased significantly since its peak in January 2023.
DYDX/USD Technical Analysis
The technical analysis of DYDX shows the currency is trading at $2.54 as of writing. This is significantly lower than it’s all-time high of $2.54 seen in January 2023.
Looking at the chart, we can see that this recent accumulation by whales could be an indication of bullish sentiment for the currency. The MACD and the RSI are both indicating a potential break out from the current descending trend line. If this is the case, then DYDX could potentially be on its way to a recovery and make new highs in the coming months.
The technical indicators on the tradingview chart shows the Bollinger bands are expanding due to the whale activity, indicating increasing volatility in the DYDX market. This could be a sign that more institutional investors are entering the market,as the upper band is contracting due to the whales’ accumulation.
Whale accumulation of $DYDX tokens has surged over the past month, with whales purchasing more than 10 million DYDX tokens worth over $24 million. This could be a sign of bullish sentiment for the currency and it will be interesting to see how the market reacts to this whale activity over the long term. As always, traders should do their own research before making any trading decisions.
