- The DYDX crypto is the governance token of the dYdX Layer 2 Protocol.
- The dYdX exchange was established in 2017 and the DYDX crypto was launched through an initial coin offering (ICO) in 2021.
- The DYDX crypto could be gaining investors' attention due to releasing a teaser on Twitter. On May 7.
When the cryptocurrency market is crashing, the rise in the price of dYdX (DYDX) crypto has caught investors' attention. As of writing, the dYdX crypto had gained 8.3 per cent in the last 24 hours, and it was trading at US$ 3.73 per token.
As per the CoinMarketCap data, the 24-hour volume of the dYdX crypto was up over 100% to US$ 259.04 million. Meanwhile, the cryptocurrency's market cap had surged to US$ 244.8 million.
Ever since the US Federal Reserve raised the interest rates, it seems that the crypto market is witnessing bearish sentiments. As of writing, the global crypto market cap was US$ 1.54 trillion after falling about three per cent over the previous today.
The market is witnessing a heavy sell-off, and the price of Bitcoin had gone down to US$ 33,543.07 per token at the time of writing. Meanwhile, the price of Ethereum was down by four per cent to US$ 2,445.61 apiece.
What is DYDX crypto?
The DYDX crypto is the governance token of the dYdX Layer 2 Protocol. dYdX is a cryptocurrency exchange with decentralization features and allows users to indulge in margin trading.
Notably, the feature of margin trading allows investors to increase their exposure to digital assets.
The dYdX exchange was established in 2017 after raising US$ 10 million in seed venture capitalist funding, and the DYDX crypto was launched through an initial coin offering (ICO) in September last year.
The DYDX crypto is deployed on the Ethereum mainnet and is an ERC-20 token. The dYdX protocol is built on ZK-STARKS technology and relies on the Ethereum blockchain for verifying transaction proofs.
The DYDX crypto could be gaining investors' attention due to releasing a teaser on Twitter. On May 7, the protocol tweeted that something big was coming, giving rise to several speculations and attracting crypto enthusiasts.
Some users claim that the derivatives exchange could announce its rebranding, and some suggest that it could announce the date of becoming fully decentralized.
The DYDX crypto is listed on crypto exchanges like Binance, FTX, OKX, and Bybit. The total supply of the DYDX crypto is one billion, and there are around 65.6 million tokens in circulation.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.