{"id":346046,"date":"2021-09-29T22:08:36","date_gmt":"2021-09-29T19:08:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dydx-gains-80-in-a-week-whats-driving-the-dex-token-rally\/"},"modified":"2021-09-29T22:08:36","modified_gmt":"2021-09-29T19:08:36","slug":"dydx-gains-80-in-a-week-whats-driving-the-dex-token-rally","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dydx-gains-80-in-a-week-whats-driving-the-dex-token-rally\/","title":{"rendered":"# DYDX gains 80% in a week \u2014 What&#8217;s driving the DEX token rally?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41cb043a441\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41cb043a441\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/dydx-gains-80-in-a-week-whats-driving-the-dex-token-rally\/#China_FUD_attracts_new_users\" >China FUD attracts new users<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/dydx-gains-80-in-a-week-whats-driving-the-dex-token-rally\/#Technical_outlook\" >Technical outlook<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># DYDX gains 80% in a week \u2014 What&#8217;s driving the DEX token rally?  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Decentralized exchange dYdX&#8217;s native token DYDX surged by nearly 80% this week as traders assessed its potential against China&#8217;s recent ban on crypto transactions.<\/p>\n<p>The DYDX price hit a new high of $26.50 on the FTX exchange after trading at around $13 a week ago. The China ban was an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arent boost for the dYdX decentralized exchange (DEX) that offers perpetuals, margin and spot trading, as well as lending and borrowing services to its users.<\/p>\n<p>Holding DYDX gives owners the right to propose and vote on changes to dYdX&#8217;s layer 2 protocol. DYDX stakers receive rewards by depositing to the DEX&#8217;s related liquidity staking pools. Users also benefit by receiving a discount on trading fees that are based on the size of their DYDX reserves.<\/p>\n<p>DYDX distributed\u2014or airdropped\u2014DYDX tokens among its users based on their activity on its DEX platform. The lowest tier, which had traded as minimal an amount as $1 on the exchange, received 310 DYDX. Meanwhile, those who traded more than a million-dollar worth of digital assets on dYdX received 9,529 tokens. <\/p>\n<p>As a result, many traders who held onto their free DYDX tokens earned more than $245,000 in profits as the cryptocurrency reached its record high of $26.50 Wednesday. One of the traders\u2014who received DYDX by having more than one account on dYdX\u2014made about $900,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">My free <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24DYDX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$DYDX<\/a> airdrop is worth $900,000. Good morning.<\/p>\n<p>\u2014 Carter (@moneywithcarter) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/moneywithcarter\/status\/1441073296703954944?ref_src=twsrc%5Etfw\">September 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>While the price per token corrected by more than 10% later, its daily returns were still positive, showing traders&#8217; intent to speculate more on DYDX&#8217;s bullish bias in the sessions ahead.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"China_FUD_attracts_new_users\"><\/span>China FUD attracts new users<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the primary reasons behind their bullish bias was China. The People&#8217;s Bank of China released a notification on Sept. 24 that banned all kinds of crypto-related transactions. In response, crypto assets fell, including top assets Bitcoin (BTC) and Ether (ETH).<\/p>\n<p>But among the worst-hit cryptocurrencies were Huobi Token (HT) and OKB, natives tokens of China-focused centralized exchanges, Huobi and OKEx, respectively.\u00a0While the HT price lost 52.64% two days after the PBoC&#8217;s announcement, the OKB price dropped by as much as 43.87% in the same period.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/18ffa458-f31e-4c89-a3e5-f86f263a79c0.png\"><figcaption style=\"text-align: center;\"><em>OKB\/USD and HT\/USD daily price chart. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>The tokens fell as Huobi and OKEx closed their over-the-counter operations in China and stopped accepting Chinese users on their platform.<\/p>\n<p>On the other hand, dYdX volumes boomed to record highs, raising anticipations that China-based traders are moving their activities to exchanges that have no central inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>ries and that do not practice Know-Your-Customer, or KYC, procedures.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/be0be1ca-eb73-4412-b650-7b88f9239c1c.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>dYdX trading volume (in dollars). Source: Token Terminal<\/em><\/figcaption><\/figure>\n<p>As of Monday,\u00a0dYdX facilitated over $4.3 billion worth of trades, compared to Coinbase\u2019s $3.7 billion.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/81dd1014-bb65-40e5-804d-ea75d896e371.png\"><figcaption style=\"text-align: center;\"><em>DYDX\/USD daily price chart. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Technical_outlook\"><\/span>Technical outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>DYDX price has the potential for more upside, based on a supportive technical indicator.<\/p>\n<p>Dubbed as Bull Flag, the bullish continuation pattern emerges when an asset consolidates lower inside a descending channel following a strong upside move. In doing so, it attempts to break bullish out of the downside structure.<\/p>\n<p><strong><em>Related:\u00a0DeFi farmers boast about gaming dYdX airdrop as prices surge<\/em><\/strong><\/p>\n<p>When it does, the price tends to rise with length equal to the scale of the previous uptrend. So it appears, DYDX ticks all the boxes when it comes to forming a Bull Flag on its 15-minute chart, as shown below.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/5141d235-b171-4aec-a97c-5789a0bb3ece.png\"><figcaption style=\"text-align: center;\"><em>DYDX\/USD 15-minute price chart. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>As a result, DYDX now now eyes a run-up towards or above $27.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The DYDX price hit a new high of $26.50 on the FTX exchange after trading at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":346047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvZjVlYzNjNTMtOGYyOS00NmQ3LWE5NTQtODViMzQxMzdkZGFjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,79806,75022,74983,74877,74939,75150,75049,78261,4973,73785],"class_list":["post-346046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-analysis","tag-central-bank","tag-decentralization","tag-decentralized-exchange","tag-market-analysis","tag-market-update","tag-peoples-bank-of-china","tag-tech-analysis","tag-china","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/346046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=346046"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/346046\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/346047"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=346046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=346046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=346046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}