Majority losses of the crypto market continued this week as well. Bitcoin price has been trading above $19,000 as it has been all week. A similar sideways price movement followed in Ethereum and other altcoins. The decline that emerged at the beginning of the week provided a return to old levels with the rise on Thursday and Friday. However, an altcoin on analysts’ radar has exploded with a new partnership. After this partnership, the price of the cryptocurrency saw an increase of around 200%.
This altcoin has increased its price by 200%
An altcoin that describes itself as “composite decentralized finance (DeFi)” is up 200 percent. cryptocoin.com As we reported, the crypto money on the market with the name MDEX (MDX) was trading at $ 0.06 seven days ago. However, it managed to raise its price after a recent partnership news. This rise caused the price of the token to rise to $ 0.18 in just 7 days. This means a 200% price increase. With the rise, the coin became the 183rd largest digital asset by market cap.
However, MDEX has also lost some losses in the last 24 hours. The cryptocurrency witnessed over 19% price loss as of the day. Meanwhile, the news that MDEX announced the latest price rally was triggered. The DeFi platform also works as a decentralized exchange (DEX). The platform announced this week that it is launching the USDT margin perpetual trading feature. It is highly likely that this is the reason for the rise in the price of the MDX coin.
MDEX (MDX) price takes flight with partnership
MDEX announced that it has launched the feature that supports both cross margin and isolated margin mode. It also announced that it has partnered with on-chain derivatives trading platform ApolloX Finance for this. Those holding the DeFi platform’s native asset, MDX, will reap several benefits, according to the announcement. Among them, trading cryptocurrencies on MDEX comes first. Accordingly, users will receive a permanent 10% discount on transaction fees on the platform. Officials of the altcoin project said:
“The MDEX USDT margin perpetual trading feature supports both cross positions and isolated positions simultaneously. Users have the advantage of switching between cross position mode or isolated position mode for trading. Also, doing so will not affect existing positions.”
To celebrate the new perpetual trading feature, MDEX and ApolloX Finance launched a $10,000 airdrop event that runs for six days from October 10 to October 15. Despite its massive gains this week, the altcoin is still well below its all-time high of $10.11, which it reached in February 2021. Accordingly, the coin is trading 98% lower than its ATH at the current price level.
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