The crypto analytics firm Santiment is breaking down why one decentralized exchange (DEX) altcoin took off amid the broader crypto downturn.
The governance token of the dYdX (DYDX) DEX hit a low of $1.19 on November 9th and a high of $2.78 on 14th November, a 133% increase.
The 102nd-ranked crypto asset by market cap has since lost some of those gains and is trading at $2.26 at time of writing.
Santiment notes that the “smart money” accumulated DYDX prior to the price increase. Mid-tier addresses holding between 1,000 and 10,000 DYDX accumulated their highest level of the asset in 11 months by November 14th.
The dYdX DEX uses Ethereum (ETH)-based smart contracts to support perpetual, margin, and spot trading, as well as borrowing and lending.
Santiment also notes that whales are accumulating Aragon (ANT), a decentralized governance platform on the Ethereum blockchain. As Aragon’s supply on exchanges drops, addresses holding between 100,000 and 1 million ANT are near an all-time-high level.
ANT is trading at $1.99 at time of writing. The 248th-ranked crypto asset by market cap is up nearly 5% in the past 24 hours.
It’s the opposite trend for Ethereum whales, according to the crypto analytics firm.
Explains Santiment,
“Ethereum’s 100,000+ ETH addresses have dropped their collective holdings significantly since Nov 4th. Likely related to FTX address shuffling, this blue line has correlated somewhat with price. But it may be anomalous under these unique circumstances.”
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The post Ethereum-Based Altcoin Explodes 130% in Matter of Days – Here’s the Catalyst According to Crypto Analytics Firm Santiment appeared first on The Daily Hodl.