The native token of dYdX, a decentralized trading platform, has experienced a significant rally despite a whale selloff.

DYDX Token Performance

Over the past 24 hours, DYDX surged by 29% and is currently trading at $1.28. The token’s market cap stands at approximately $820 million, with a daily trading volume of $350 million.

After reaching $1.31 for the first time since late July, DYDX saw a notable increase in large-holder outflows. According to data from IntoTheBlock, there was a whale inflow of 6.42 million tokens and an outflow of 6.82 million tokens, resulting in a net outflow of 401,270 DYDX on Sunday, October 20.

Market Movements and Investor Behavior

Typically, sudden increases in large-holder outflows can indicate panic-selling. However, in this case, the whale selloff was balanced by increased accumulation as DYDX hit a three-month high of $1.33 later that day.

Moreover, DYDX exchange inflows have been rising significantly since October 18. Data from IntoTheBlock shows that nearly 600,000 DYDX tokens entered centralized exchanges yesterday, suggesting that more investors might be looking to take profits before a potential price decline.

Investor Sentiment

It’s important to note that 91% of DYDX holders are currently at a loss, with only 9% in profit. This has led some investors to consider reducing their losses, especially since the asset is still down by 72.5% from its all-time high of $4.53 in March.

Leadership Changes

On October 10, the company’s CEO Antonio Juliano returned after six months of serving as chairman. He emphasized the importance of vision in uniting and inspiring the team. In a statement, he mentioned,

“Vision is essential to unite and inspire. In my time away from dYdX, execution went well but I saw everyone slowly start to ask ‘wait… what are we really doing here again?’”

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