Whales Shift dYdX Token Ahead of $505.5 Million Unlock
Ahead of a significant token unlock worth $505.5 million, whales have started moving a decentralized exchange (DEX) altcoin.
dYdX (DYDX), a DEX, recently migrated from Ethereum (ETH) to Cosmos (ATOM) and launched its own dYdX Chain. This new chain is built on the Cosmos SDK and Tendermint consensus protocol.
The crypto tracker Lookonchain reveals that the project is set to unlock 150 million DYDX tokens on December 1st. The dYdX Foundation has already sent tokens to investor addresses, including a16z crypto, Defiance Capital, and Polychain Capital.
Several investor addresses have bridged DYDX, with a total of 437.4 million DYDX ($1.47 billion) being bridged so far. However, this bridge is one-way, meaning the locked DYDX will remain in the wethDYDX smart contract.
Whale Activity
FalconX, an institutional trading platform, withdrew 1.14 million DYDX ($3.84 million) from Binance over five days. Additionally, a whale deposited 1.5 million DYDX ($5 million) into Binance last week.
As of now, DYDX is trading at $3.17.
Hot Take: Whales Prepare for Massive Unlock of dYdX Tokens
Ahead of the highly anticipated unlock of dYdX tokens worth $505.5 million, whales are making strategic moves with their holdings. The decentralized exchange altcoin has recently migrated to Cosmos and launched its own dYdX Chain. As the unlock date approaches, the dYdX Foundation has sent tokens to various investor addresses, including well-known players in the crypto industry. Additionally, significant amounts of DYDX have been bridged, with a total of $1.47 billion worth being locked in a one-way bridge. This activity suggests that whales are positioning themselves for potential price movements and liquidity opportunities once the unlock occurs.
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