- dYdX exhibits remarkable 69% month-to-date growth, soaring from $1.858 to $3.10.
- However, 2.16 million dYdX, valued at $6.65 million, are poised to enter the market.
- The next week’s unlocking has raised concerns about potential selling pressure.
Per data from CoinMarketCap, dYdX, the governance token of the decentralized crypto exchange DYDX, has been on a greenish streak for the past 30 days. In particular, CoinMarketCap statistics indicated that dYdX grew from $1.858 on October 13 to its current $3.11, marking a substantial 69% month-to-date performance.
dYdX’s 30-day market chart | CoinMarketCap
However, a significant amount of dYdX tokens are set to be unleashed on the crypto market in the coming days. According to data from Token Unlock, a tracker of locked tokens, 2.16 million dYdX tokens will enter circulation in eight days.
The market tracker noted that the to-be-released digital assets hold a market value of $6.69 million, representing 1.2% of dYdX’s circulating supply. Notably, Trading Rewards accounts for the lion’s share of the dYdX to be released on November 21. Specifically, 1.58 million tokens, valued at $4.87 million, are for Trad…
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