{"id":549269,"date":"2023-08-29T13:00:01","date_gmt":"2023-08-29T13:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=549269"},"modified":"2023-08-29T12:18:42","modified_gmt":"2023-08-29T12:18:42","slug":"dydx-up-by-11-but-investors-must-watch-out-for-this-event","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/dydx-up-by-11-but-investors-must-watch-out-for-this-event\/","title":{"rendered":"DYDX Is Up By 11% In A Week, But Investors Must Watch Out For This Event"},"content":{"rendered":"

DYDX, the native token of a decentralized exchange (DEX) with the same name, has been on a good run in the past few days. According to CoinGecko data, the cryptocurrency\u2019s price jumped by 10.7% in the past week, reflecting a positive performance after an unfavorable start to August.<\/span><\/p>\n

However, there has been rising concern that this spurt of bullish momentum may be short-lived. And the upcoming token unlock event is the primary source of this skepticism.<\/span><\/p>\n

dYdX To Unlock $13.8 Million Worth Of Token In Single Event<\/span><\/h2>\n

Token unlock events<\/span><\/a> are not a strange phenomenon in the cryptocurrency space, as many blockchain networks and decentralized finance (DeFi) protocols have a portion of their token supply locked – to be released periodically. DYDX is one of those tokens with a locked supply and its next token unlock event is happening on<\/span> Tuesday, August 29.<\/span><\/p>\n

In the latest iteration, the decentralized exchange will unlock $13.82 million worth of its native token to be distributed to its community treasury and rewards for liquidity providers and traders, according to data from Token Unlocks.<\/span><\/p>\n

Related Reading: Ethereum Bulls Put Up A Fight, But Can They Clear This Major Hurdle?<\/a><\/div>\n

The <\/span>token tracking dashboard<\/span><\/a> shows that the DEX will release 6.52 million DYDX tokens, which accounts for 3.76% of the token\u2019s current circulating supply.\u00a0<\/span><\/p>\n

Breaking this figure down, 2.49 million tokens – equivalent to $5.279 million at the current market price\u00a0 – will be allocated to the community treasury, which funds contributor grants, community initiatives, liquidity mining, and so on.<\/span><\/p>\n

Meanwhile, the remaining 4.03 DYDX tokens will be distributed between trading rewards (2.88 million tokens worth roughly $6.11 million) and liquidity provider rewards (1.15 million tokens worth an estimated $2.44 million).<\/span><\/p>\n

This is the second time the DEX will be carrying out an unlock event in August 2023. On August 1, 2023, dYdX executed an identical unlock event, distributing the same amount of tokens to the community treasury, liquidity providers, and traders.\u00a0<\/span><\/p>\n

Upon completion of this forthcoming event, over 25% of the total token supply will be unlocked, while less than 75% of the supply will still be locked.<\/span><\/p>\n

Could This Event Hamper DYDX\u2019s Rise?<\/span><\/h2>\n

Given that a considerable chunk of the 6.52 million DYDX tokens will be going to liquidity providers and traders, the chances are that a substantial portion of the tokens will be offloaded in the open market. As such, the DYDX price could suffer due to increased selling pressure.<\/span><\/p>\n

The signs are not particularly positive from a historical perspective, either. Price action data reveals that the price of DYDX struggled after the identical unlock event on August 1.<\/span><\/p>\n

Related Reading: MATIC Social Sentiment Slides To Negative Territory \u2013 What\u2019s The Impact On Price?<\/a><\/div>\n

The token lost nearly 10% of its value in a few days, reaching $1.91 by August 4. Although the token has witnessed an impressive turnaround, investors could see DYDX fall below the $2 level again if history were to repeat itself.<\/span><\/p>\n

As of this writing, the DYDX token changes hands for $2.12, reflecting a 1.7% price dip in the last 24 hours. <\/span>CoinGecko data<\/span><\/a> shows that there has been a 36.2% decline in the token\u2019s daily trading volume, signaling a recent fall in market activity.<\/span><\/p>\n

\"DYDX\"<\/p>\n

DYDXUSDT trading at $2.135 | Source: daily DYDXUSDT chart on TradingView<\/a><\/pre>\n
Featured image from Getty Images, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"
DYDX, the native token of a decentralized exchange (DEX) with the same name, has been on a good run in the past few days. According to CoinGecko data, the cryptocurrency\u2019s price jumped by 10.7% in the past week, reflecting a positive performance after an unfavorable start to August. However, there has been rising concern that this spurt of bullish momentum may be short-lived. And the upcoming token unlock event is the primary source of this skepticism. dYdX To Unlock $13.8 Million Worth Of Token In Single Event Token unlock events are not a strange phenomenon in the cryptocurrency space, as many blockchain networks and decentralized finance (DeFi) protocols have a portion of their token supply locked – to be released periodically. DYDX is one of those tokens with a locked supply and its next token unlock event is happening on Tuesday, August 29. In the latest iteration, the decentralized exchange will unlock $13.82 million worth of its native token to be distributed to its community treasury and rewards for liquidity providers and traders, according to data from Token Unlocks. Related Reading: Ethereum Bulls Put Up A Fight, But Can They Clear This Major Hurdle? The token tracking dashboard shows that the DEX will release 6.52 million DYDX tokens, which accounts for 3.76% of the token\u2019s current circulating supply.\u00a0 Breaking this figure down, 2.49 million tokens – equivalent to $5.279 million at the current market price\u00a0 – will be allocated to the community treasury, which funds contributor grants, community initiatives, liquidity mining, and so on. Meanwhile, the remaining 4.03 DYDX tokens will be distributed between trading rewards (2.88 million tokens worth roughly $6.11 million) and liquidity provider rewards (1.15 million tokens worth an estimated $2.44 million). This is the second time the DEX will be carrying out an unlock event in August 2023. On August 1, 2023, dYdX executed an identical unlock event, distributing the same amount of tokens to the community treasury, liquidity providers, and traders.\u00a0 Upon completion of this forthcoming event, over 25% of the total token supply will be unlocked, while less than 75% of the supply will still be locked. Could This Event Hamper DYDX\u2019s Rise? Given that a considerable chunk of the 6.52 million DYDX tokens will be going to liquidity providers and traders, the chances are that a substantial portion of the tokens will be offloaded in the open market. As such, the DYDX price could suffer due to increased selling pressure. The signs are not particularly positive from a historical perspective, either. Price action data reveals that the price of DYDX struggled after the identical unlock event on August 1. Related Reading: MATIC Social Sentiment Slides To Negative Territory \u2013 What\u2019s The Impact On Price? The token lost nearly 10% of its value in a few days, reaching $1.91 by August 4. Although the token has witnessed an impressive turnaround, investors could see DYDX fall below the $2 level again if history were to repeat itself. As of this writing, the DYDX token changes hands for $2.12, reflecting a 1.7% price dip in the last 24 hours. CoinGecko data shows that there has been a 36.2% decline in the token\u2019s daily trading volume, signaling a recent fall in market activity. DYDXUSDT trading at $2.135 | Source: daily DYDXUSDT chart on TradingView Featured image from Getty Images, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":549271,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[83961,89251,86214,4735,89090],"class_list":["post-549269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-dydx","tag-dydx-price","tag-dydxusdt","tag-price-action","tag-token-unlocks"],"acf":[],"yoast_head":"\nDYDX Is Up By 11% In A Week, But Investors Must Watch Out For This Event<\/title>\n<meta name=\"description\" content=\"DYDX, the native token of the decentralized exchange dYdX, has been on a good run in the past few days, but would it last?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"DYDX Is Up By 11% In A Week, But Investors Must Watch Out For This Event","url":"http:\/\/wncen.com\/news\/defi\/dydx-up-by-11-but-investors-must-watch-out-for-this-event\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/defi\/dydx-up-by-11-but-investors-must-watch-out-for-this-event\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/istockphoto-624206236-612x612-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/istockphoto-624206236-612x612-1.jpg?fit=750%2C500"},"articleSection":"DeFi","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["dydx","dydx price","dydxusdt","price action","token unlocks"],"dateCreated":"2023-08-29T13:00:01Z","datePublished":"2023-08-29T13:00:01Z","dateModified":"2023-08-29T13:00:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"DYDX Is Up By 11% In A Week, But Investors Must Watch Out For This Event\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/dydx-up-by-11-but-investors-must-watch-out-for-this-event\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/dydx-up-by-11-but-investors-must-watch-out-for-this-event\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/istockphoto-624206236-612x612-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/istockphoto-624206236-612x612-1.jpg?fit=750%2C500\"},\"articleSection\":\"DeFi\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"dydx\",\"dydx price\",\"dydxusdt\",\"price action\",\"token unlocks\"],\"dateCreated\":\"2023-08-29T13:00:01Z\",\"datePublished\":\"2023-08-29T13:00:01Z\",\"dateModified\":\"2023-08-29T13:00:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/istockphoto-624206236-612x612-1.jpg?fit=750%2C500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=549269"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/549271"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}