- Ethereum-based altcoins are among the top gainers during the recent crypto market tumble as dYdX shows a positive market turnaround.
- Ethereum whales have recorded huge losses following the collapse of the FTX exchange.
A recent report from the crypto data platform Santiment shows how a decentralized exchange token accounted for the lion’s share of the trading volume surge amid the broader crypto market turmoil.
dYdX Token Hits Record High
Of all the altcoins that have slipped or made significant gains, dYdX appears to be making the headlines. The asset plunged to a low on November 9 by trading at $1.19 and, on November 14, saw a high of $2.78, a sharp increase of 132 percent.
Ranked 102 among digital assets by market cap, the native token of the dYdX ecosystem, DYDX, has shed some of its previous gains and currently trades at $2.26. However, according to Santiment, “smart money” accumulated value before the DYDX experienced a spike.
🐳 Key whale addresses for #Aragon are accumulating as the supply on exchanges continue to drop. Check out our @santimentfeed community member’s take on what will be the key #bullish divergences to watch before the next big $ANT breakout. 👀 https://t.co/D5zXNCczlb pic.twitter.com/YLITi6hITF
— Santiment (@santimentfeed) November 15, 2022
Furthermore, the mid-tier wallets with 1,000 to 10,000 DYDX recorded their highest gains on November 14. As a decentralized asset, the token uses Ethereum smart contracts to facilitate perpetual, margin, and spot trading alongside borrowing and lending.
Per Santiment, whales are steadily accumulating ANT, the governance token of another DEX built on the Ethereum network. Meanwhile, as the supply of the ANT asset drops on exchanges, wallets holding 100,000 to 1 million of the asset are about to reach their all-time high.
ANT trades at $1.99 and is ranked as the 248th crypto asset by market capitalization. The token is up by almost 5 percent in the last 24 hours,…
