dYdX (DYDX), which increased by nearly 20 percent during the day, will soon realize a $600 million token unlock.
DYDX, the well-known name of the sector, was also involved in the recent rise of the crypto market. DYDX, the native token of the decentralized crypto platform dYdX, increased by nearly 20 percent during the day. DYDX’s rise was driven by the project’s announcement of a layer-1 blockchain based on Cosmos.
DYDX’s rise may fade with the imminent token unlocking. According to TokenUnlocks data, a massive token unlocking will take place in 16 days for DYDX, which has already reached a market value of 750 million dollars. DYDX price is in a dangerous situation.
The rise may be short-lived: Massive token unlock for dYdX is approaching!
Decentralized crypto platform dYdX (DYDX) became a hot topic with a 20 percent increase during the day. DYDX, which has stepped to the $4 level, is facing a great danger.
dYdX, which came to the fore with its blockchain initiatives, ensured positive pricing of its native token DYDX. The project token managed to reach a market value of $ 750 million in a short time.
The increase in DYDX price was associated with the transformation of the project, which previously served only as a decentralized exchange, into a layer-1 blockchain based on Cosmos.
Over the last 30 days, Ether developers have been seen migrating to dYdX’s new network. This doubled the price of DYDX. However, as dYdX gains developers and improves its ecosystem, a critical turning point is approaching.
According to data provided by TokenUnlocks, 152.16 million DYDX will be unlocked after two weeks. These tokens, with an approximate value of $600 million, will be put into circulation. It is planned that there will be 400 million DYDX in circulation after the unlocking. In this case, DYDX will reach a market value of 1.6 billion without experiencing a price increase.
Popular crypto project dYdX postponed its token unlocking, which was planned to take place on January 1, 2023, until December. Although it is not known whether there will be a postponement again, it is said that there may be a decrease in the DYDX price if the expected unlocking occurs.
After the $600 million unlock, millions of dollars of DYDX will be distributed to early investors, project developers and future startups.
