How did DDX crypto's volume catapult by over 27,000%?

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How did DDX crypto's volume catapult by over 27,000%?

 How did DDX crypto's volume catapult by over 27,000%?
Image source: © Alexanderushkevich | Megapixl.com

Highlights

  • DDX crypto is the native token of a decentralized exchange (DEX) called DerivaDAO.
  • The maximum supply of the DDX crypto is 100 million, and total supply is 50.3 million.
  • DDX crypto is listed for buying, selling, and exchanging on crypto exchanges like Hotbit

The cryptocurrency market rose during the early hours of July 14 as the price of Bitcoin rose over three per cent in the last 24 hours and reached US$ 20,105.58 per token. Meanwhile, some other major cryptocurrencies also recorded a slight price surge at the time of writing.

After declining on July 13, the global crypto market cap increased by 2.7 per cent to US$ 896.16 billion. Amid a rising market, the massive price and volume surge of DerivaDAO (DDX) crypto has gained traction among cryptocurrency enthusiasts.

At 3 AM EST, DDX crypto jumped 63 per cent, trading at US$ 1.17 per token. Meanwhile, the 24-hour volume catapulted 27,037.64 per cent to US$ 11 million.

What is DDX crypto?

DDX crypto is the native token of a decentralized exchange (DEX) for derivatives called DerivaDAO. The DEX is based on the Ethereum blockchain and claims to provide significant performance benefits over other DEXs, such as quick trade settlements.

DerivaDAO's traders and token owners directly control and oversee the platform because it was a decentralized autonomous organization (DAO) from the start. DerivaDAO wants to bridge the gap at the confluence of trade and blockchain technology by tackling the issues that existing controlled and decentralized exchanges encounter.

As a DAO, Deriva claims to address the insufficient security and potential regulatory challenges experienced by centralized exchanges, eliminating censorship worries and a single point of failure.

With an order book mechanism that addresses the liquidity and UX problems of decentralized exchanges, DerivaDAO also provides an effective and capital-efficient user experience. The platform asserts that it will equal the speed and effectiveness of centralized exchanges.

DDX crypto

The maximum supply of the DDX crypto is 100 million, and the total supply is approximately 50.3 million. Meanwhile, the circulating supply was 26.1 million DDX tokens at the time of writing.

Bottom line

Some analysts believe that the crypto market might continue to record high volatility. The rising inflation could negatively impact the virtual currency market as well.

There was no apparent reason behind the massive price and volume surge of the DDX crypto and it could be due to an overall growth of the market.

DDX crypto is listed for buying, selling, and exchanging on crypto exchanges like Hotbit and Coinbase. However, investors must research before buying any digital asset.

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