DYDX Faces Selling Pressure as Whales Move 6.81M Tokens to Binance

Bits Logics Team . 01st Dec 2023

• After the 150 million DYDX unlocking event, Lookonchain observed three wallet-to-exchange whale movements. 
• The three whale wallets that received DYDX transferred 6.81 million DYDX to Binance. 
• At the reported time, DYDX is priced at $3.10 after facing a downfall of 14.82 over the week.

Lookonchain, a market onchain analytics platform, reported several DYDX whale movements in the markets, especially after the unlocking event. In the report, Lookonchain pointed out that 150 million DYDX, valued at approximately $505.5 million, were unlocked and observed three wallet-to-exchange whale movements. 

Reportedly, the three whale wallets that received DYDX from the dYdX Foundation Wallet transferred 6.81 million DYDX, valued at approximately $21.46 million, to Binance. Earlier, Lookonchain also questioned whether the 150 million DYDX unlocking event for investors could trigger selling pressure. It seems selling pressure is existential in the market and is dropping the value of DYDX after facing a 3.61% fall at the reported time.

Elaborating on the whale movements, the market onchain analytics platform noted that the whale wallet “0xD21B” transferred 5.63 million DYDX to Binance and currently holds 9.78 million DYDX ($30.9 million). On the other hand, wallet “0x63C6” transferred 793,286 DYDX to Binance and currently holds 1.85 million DYDX, valued at approximately $5.85 million.

Ideally, investors often see these wallet-to-exchange movements as something that could further add weight to the current selling pressure if the whales start selling. Finally, the last whale wallet, “0xa70d,” transferred 391,036 DYDX ($1.23 million) to Binance and has 2.39 million DYDX ($7.54 million) left.

At the reported time, DYDX is priced at $3.10 after facing a downfall of 14.82 over the week, according to CoinMarketCap. The growing selling pressure in the DYDX market is pushing the altcoin downward, making it fall below the $3.6 level. However, the trading volume is valued at $170,234,814 after observing a double digit spike of 67.24% in 24 hours.