DYDX gained 29% amid whale selloff, emerging as top gainer

The native token of dYdX, a decentralized trading platform, has recorded an impressive rise despite the whale sell-off.

dYdX (DYDX) is up 29% in the last 24 hours and is trading at $1.28 at the time of writing. Its market capitalization hovers around $820 million and its daily trading volume is $350 million.

The asset saw a notable increase in major investor outflow after reaching $1.31 for the first time since late July. According to data provided by IntoTheBlock, DYDX saw whale inflows of 6.42 million tokens and outflows of 6.82 million tokens; On Sunday, October 20, 401,270 DYDX net outflows remained.

DYDX price and large holder net flow – October 21 | Source: IntoTheBlock

Sudden increases in major stock outflows usually indicate panic selling. In this case, whale selling was neutralized by increased accumulation, with DYDX hitting a three-month high of $1.33 later that same day.

On the other hand, inflows to the DYDX exchange have been increasing significantly since October 18. According to data from ITB, approximately 600,000 DYDX tokens entered the central exchanges yesterday; This shows that more investors may want to make a profit before the price drops.

This move is natural as 91% of DYDX holders are currently at a loss; only 9% is in snow. Some investors may be looking for ways to cut their losses, as the asset is still down 72.5% from March’s all-time high of $4.53.

The company’s CEO, Antonio Juliano, returned on October 10 after serving as president for six months: “Vision is essential to unite and inspire. During my time away from dYdX the implementation went well but everyone was slowly starting to wonder ‘wait…what are we doing here again?’ “I saw you start to ask”