IDEX Token Surges to Highest Level Since March Amid Record High TVL and Upcoming Buy & Lock Launch

The IDEX token has experienced a significant surge, reaching its highest level since March this year. The token’s price climbed to $0.1150, marking a gain of over 335% from its lowest level this year. This rally occurred in a high-volume environment, with the 24-hour trading volume increasing by over 4,420% to reach $318 million.

Record High TVL and Trading Volume on IDEX V4

The surge coincided with the total value locked (TVL) in IDEX’s network hitting a record high of $70 million. Most of this volume is on its Ethereum version, with the rest being on the IDEX Chain and Polygon. The weekly trading volume on IDEX V4, its platform for perpetual futures, jumped to $84.2 million – the highest on record. The platform’s all-time volume has now surpassed $388 million.

Upcoming Launch of Buy & Lock Initiative

The coin’s rally also comes ahead of the upcoming launch of Buy & Lock, a liquidity initiative expected to happen later this week. Buy & Lock aims to strengthen IDEX’s on-chain presence by reinvesting and locking 100% of all fees generated in the network.

According to the developers, 50% of these fees will be used to buy the IDEX token, reducing the number of circulating supplies. The remaining 50% of the tokens will be paired with the purchased IDEX and added into a Uniswap liquidity pool. The initiative is expected to create more value and liquidity for the network.

Starting next week, we’re launching Buy & Lock – a protocol-owned liquidity initiative to strengthen $IDEX’s on-chain presence. 100% of protocol fees will be reinvested and locked: 50% to buy $IDEX tokens and 50% paired with the purchased $IDEX and added to a Uniswap V2.

Tips for IDEX Investors

  • Keep an eye on the upcoming launch of Buy & Lock and its potential impact on the IDEX token’s price.
  • Monitor the TVL and trading volume on IDEX V4 to gauge the platform’s overall performance.
  • Consider diversifying your portfolio to minimize risks and maximize gains.

IDEX Price Analysis

The daily chart shows that the IDEX crypto price surged to a high of $0.1148 on Dec. 9 and then retreated to $0.086. The coin remains above the key resistance level at $0.060, its highest level on August 28. It has moved above all moving averages, meaning that bulls are in control.

IDEX has moved slightly below the 61.8% Fibonacci Retracement level. Therefore, the coin will likely bounce back and possibly retest its highest level this week at $0.1148. A break above that level will point to more gains, possibly to the March high of $0.1253.

Stay up-to-date with the latest news and trends in the world of cryptocurrencies and blockchain technology on Global Crypto News.

Post Views: 2