DYDX Is Up By 11% In A Week, But Investors Must Watch Out For This Event

Name	Symbol	Market	Market Cap ($)	Algorithm
Dash	DASHUSD	Crypto	349,739,343	X11

Name

Symbol

Market

Market Cap ($)

Algorithm

Dash

DASHUSD

Crypto

349,739,343

X11

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.420	1.46%	29.21	29.21	29.24

Price Change

Price Change %

Current Price

Bid Price

Offer

0.420

1.46%

29.21

29.24

High Price	Low Price	Open Price	Prev. Close	52 Week Range
29.91	28.34	28.87	28.79	19.00 - 45.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

29.91

28.34

28.87

28.79

19.00 - 45.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:45:20	0.366000	29.21	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:45:20

0.366000

29.21

USD

Price x Volume	Volume	Base Symbol	Related Pairs
395,771.57	13,623.83	DASH	DASHEUR	DASHGBP	DASHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

395,771.57

13,623.83

DYDX Is Up By 11% In A Week, But Investors Must Watch Out For This Event

29/08/2023 2:00pm

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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