Crypto Whale Deposits Over $4M Worth of DYDX to Kraken After 117% Rally
A large investor, known as a crypto whale, moved more than $4 million worth of dYdX (DYDX) to the crypto exchange Kraken on Monday. The asset’s price experienced a significant surge, rising by 30% on the same day as the deposit. DYdX is a decentralized derivatives exchange, and its native token has been performing well in the market.
Market Performance
At the time of writing, DYDX is trading at $4.11. The cryptocurrency is currently ranked 72nd by market cap and has seen an increase of over 9% in the past 24 hours, more than 59% in the past week, and over 117% in the past month.
Bullish Outlook on Decentralized Derivatives
Venture capitalist Arthur Cheong is optimistic about the future of decentralized derivatives trading. He believes that this sector has the potential to grow by 5-10 times its current size. Cheong estimates that annual revenue generated by derivatives trading in the crypto space could reach $20 to $30 billion during a bull market. Currently, decentralized derivatives platforms only capture 2 to 5% of this market share.
Hot Take
The crypto whale’s deposit of more than $4 million worth of DYDX to Kraken after a significant rally demonstrates growing interest and investment in decentralized derivatives trading. With bullish projections for the sector’s growth, it’s clear that investors are taking notice and positioning themselves for potential gains.
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