DYDX Coin Gains 1,000% in September, as Decentralized DeFi Exchanges Benefit From China Ban
DYDX token keeps surging in September as the dYdX exchange exceeds $2 billion in trading volume
The crackdown on cryptos and the ban on crypto transactions in China have dented the sentiment in the crypto market since early September. The crackdown is global, not only in China, so there’s good reason for this pullback in cryptocurrencies. But, not all cryptos and crypto-related products/services are suffering; some have benefited from the situation and are running higher in value/price.
One of the cryptos which benefited tremendously in September was the DYDX coin of the dYdX crypto exchange. This is a decentralized exchange, and it has taken as much advantage of the China crypto crackdown as possible.
DYDX Token Daily Chart – The Surge Continues in September
The 20 SMA has just appeared on the daily chart
The governance DYDX token of the dYdX exchange was launched on September 8, so it’s one of the newest crypto coins out there, but it started surging higher as soon as it was introduced, and it has been making massive gains throughout the month.
The dYdX network itself is a non-custodial decentralized derivatives exchange, which runs on a layer-2 version of the Ethereum network. There has been a surge in the daily trading volume in this exchange, as Chinese crypto holders and investors are transferring their cryptos and their transactions elsewhere, to decentralized exchanges. At some point a few days ago, there was over $2 billion in trading volume going through this exchange.
The total amount being traded through this exchange has reached over $33 billion in total since it began operating last year, and they’re still at stage one, or Epoch 1 as they call it. After the launch of the DYDX token, the exchange announced that 7.5% of the supply is supposed to go to the previous users of this platform.
The user-base jumped 90% higher in less than a month, which has put this exchange in first place in terms of volume. So, everything is going pretty well for dYdX and its native token DYDX. Today we are seeing a retreat in the price, but it will stop at some point, so we are following the price action to see where we can buy this token.
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