DYDX gained 29% amid whale selloff, emerging as top gainer

The native token of dYdX, a decentralized trading platform, has seen an impressive rally despite a whale selloff.

dYdX (DYDX) surged by 29% in the last 24 hours, reaching a price of $1.28 at the time of writing. Its market cap stands at around $820 million, with a daily trading volume of $350 million.

The asset experienced a significant increase in large holder outflows after reaching $1.31—its highest point since late July. According to IntoTheBlock data, DYDX saw 6.42 million tokens flow in and 6.82 million tokens flow out, resulting in a net outflow of 401,270 DYDX on October 20.

These sudden increases in whale outflows typically signal panic selling. However, in this case, the selloff was neutralized by increased accumulation, and DYDX later reached a three-month high of $1.33 later that day.

Additionally, there has been a noticeable uptick in DYDX exchange inflows since October 18. Data from ITB shows that almost 600,000 DYDX tokens entered centralized exchanges on October 19, suggesting that investors may be looking to take profits ahead of a potential price correction.

This movement is understandable given that 91% of DYDX holders are currently in the red, with only 9% in profit. DYDX remains 72.5% down from its all-time high of $4.53, which occurred in March 2024.

On October 10, dYdX’s CEO, Antonio Juliano, returned to the platform after six months in a chairman role. He acknowledged the importance of vision for the company, stating, “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?’”