DYDX Is Up By 11% In A Week, But Investors Must Watch Out For This Event
2023年8月29日 - 10:00PM
NEWSBTC
DYDX, the native token of a decentralized exchange (DEX) with the
same name, has been on a good run in the past few days. According
to CoinGecko data, the cryptocurrency’s price jumped by 10.7% in
the past week, reflecting a positive performance after an
unfavorable start to August. However, there has been rising concern
that this spurt of bullish momentum may be short-lived. And the
upcoming token unlock event is the primary source of this
skepticism. dYdX To Unlock $13.8 Million Worth Of Token In Single
Event Token unlock events are not a strange phenomenon in the
cryptocurrency space, as many blockchain networks and decentralized
finance (DeFi) protocols have a portion of their token supply
locked – to be released periodically. DYDX is one of those tokens
with a locked supply and its next token unlock event is happening
on Tuesday, August 29. In the latest iteration, the decentralized
exchange will unlock $13.82 million worth of its native token to be
distributed to its community treasury and rewards for liquidity
providers and traders, according to data from Token Unlocks.
Related Reading: Ethereum Bulls Put Up A Fight, But Can They Clear
This Major Hurdle? The token tracking dashboard shows that the DEX
will release 6.52 million DYDX tokens, which accounts for 3.76% of
the token’s current circulating supply. Breaking this figure
down, 2.49 million tokens – equivalent to $5.279 million at the
current market price – will be allocated to the community
treasury, which funds contributor grants, community initiatives,
liquidity mining, and so on. Meanwhile, the remaining 4.03 DYDX
tokens will be distributed between trading rewards (2.88 million
tokens worth roughly $6.11 million) and liquidity provider rewards
(1.15 million tokens worth an estimated $2.44 million). This is the
second time the DEX will be carrying out an unlock event in August
2023. On August 1, 2023, dYdX executed an identical unlock event,
distributing the same amount of tokens to the community treasury,
liquidity providers, and traders. Upon completion of this
forthcoming event, over 25% of the total token supply will be
unlocked, while less than 75% of the supply will still be locked.
Could This Event Hamper DYDX’s Rise? Given that a considerable
chunk of the 6.52 million DYDX tokens will be going to liquidity
providers and traders, the chances are that a substantial portion
of the tokens will be offloaded in the open market. As such, the
DYDX price could suffer due to increased selling pressure. The
signs are not particularly positive from a historical perspective,
either. Price action data reveals that the price of DYDX struggled
after the identical unlock event on August 1. Related Reading:
MATIC Social Sentiment Slides To Negative Territory – What’s The
Impact On Price? The token lost nearly 10% of its value in a few
days, reaching $1.91 by August 4. Although the token has witnessed
an impressive turnaround, investors could see DYDX fall below the
$2 level again if history were to repeat itself. As of this
writing, the DYDX token changes hands for $2.12, reflecting a 1.7%
price dip in the last 24 hours. CoinGecko data shows that there has
been a 36.2% decline in the token’s daily trading volume, signaling
a recent fall in market activity. DYDXUSDT trading at $2.135 |
Source: daily DYDXUSDT chart on TradingView Featured image from
Getty Images, chart from TradingView
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