Experienced traders in the crypto market have been accumulating dYdX’s governance token, according to data from Nansen. These “Smart Money” wallets, associated with skilled traders, have steadily increased their holdings of dYdX tokens. Notable players such as top DEX traders, liquidity providers, and venture funds are likely among these wallets. These smart money wallets currently hold over 47 million tokens, a 30% increase since the beginning of the year. Additionally, there have been net outflows of the token from exchanges, indicating increased holdings by traders. However, this is only a small portion of the total token supply, which is set to unlock 6.5 million tokens by the end of August.
Key points:
– Skilled traders have been accumulating dYdX’s governance token.
– Notable players are likely among these “Smart Money” wallets.
– Holdings of dYdX tokens have reached an all-time high.
– Net outflows from exchanges suggest increased holdings by traders.
– A small portion of the total token supply is held by these wallets.
Hot Take:
The accumulation of dYdX’s governance token by experienced traders indicates confidence in the project and its future prospects. This could potentially lead to increased adoption and value for the token.
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