Whales Have Been Accumulating This Altcoin Since October

According to data shared by Lookonchain, whales have been accumulating DYDX cryptocurrency since October 2022. Whales bought more than $21 million in altcoins in the process, and the last transaction took place just before the rise of DYDX. Details are here.

Crypto whales are individuals or entities that hold enough crypto to influence or even manipulate the value of an asset. The bigger the price action, the bigger the whale. Because whales have a high concentration of wealth, large buy or sell orders can have a ripple effect. For this reason, market participants try to follow whale transactions on a regular basis. The last transaction that attracted attention was the purchase of DYDX.

lookonchain to the data An anonymous whale has been actively accumulating DYDX for the past few months, according to the report. What’s more, he’s not the only one making this purchase. We previously reported that a wallet affiliated with Justin Sun is actively selling its secondary assets, and one of these wallets contains a DYDX token.

The presence of DYDX in the wallets of whales like Justin Sun shows that the altcoin is attracting interest among big investors. But the rationale behind the trades remains unclear.

Altcoin price performance

Besides, DYDX acts similarly to the rest of the cryptocurrency market. At the end of December, the price of DYDX hit a multi-month low, which formed a local bottom.

The altcoin then took off, bringing substantial profits to whales who started accumulating it last year. On the other hand, it is worth noting; The local top altcoin price has reached today is not the first attempt to break out. We recently witnessed a similar movement. Koinfinans.com As we reported, in November, DYDX reached the 200-day moving average, but failed to break it and has returned to the local low we mentioned earlier.

You can follow the current price action here.

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