DYDX, the native token of decentralized derivatives exchange dYdX, experienced an 8.61% decline over the past 24 hours, with its price dropping to $2.028**. The token’s total trading volume reached **$21 million, while its market capitalization stands at $318 million, ranking it 67th among all cryptocurrencies.
Key Metrics:
- 24-hour high: $2.243
- 24-hour low: $2.013
- Circulating supply: 156,256,174 DYDX
What Is dYdX?
Launched in 2018, dYdX is a decentralized exchange (DEX) specializing in perpetual contracts and leveraged trading. Built on Ethereum’s Layer 2, it eliminates gas fees and reduces reliance on centralized intermediaries, offering users greater control over their funds through smart contracts.
Historical Performance (% Change)
| Period | Performance |
|--------------|-------------|
| 1 Week | -12.16% |
| 1 Month | -14.02% |
| 3 Months | -16.64% |
| 6 Months | +12.43% |
| YTD | +92.02% |
Market Context
The broader crypto market faces volatility due to macroeconomic uncertainties. Notably:
- Bittrex, a major crypto exchange, filed for bankruptcy in the U.S.
- Binance temporarily halted Bitcoin withdrawals, causing price fluctuations.
- Bitcoin struggles to maintain the $30,000 support level amid shifting investor sentiment.
👉 Explore the future of decentralized finance with dYdX
FAQs
Q: Why did DYDX drop 8.61%?
A: The decline aligns with broader market trends and profit-taking after its YTD rally.
Q: Is dYdX a good long-term investment?
A: Its Layer 2 technology and trading volume growth are promising, but crypto markets remain highly speculative.
Q: How does dYdX avoid gas fees?
A: By operating on Ethereum’s Layer 2, transactions are processed off-chain, reducing costs.
Q: What’s next for DYDX?
A: Monitor Ethereum’s upgrades and dYdX’s adoption of new trading features.
👉 Stay updated on crypto trends with OKX
Disclaimer: Cryptocurrency investments carry risks. Conduct thorough research before trading.
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