Memecoin

Foundation

Read

IDEX

IDEX, the native token of the hybrid decentralized exchange (DEX) and market-making protocol of the same name, has increased 33% over the past 24 hours as it records a surge in investor interest. 
The crypto asset, often leveraged for gas fees and liquidity provision on the Idex exchange, had witnessed a generally bearish trend over the past two weeks, dropping 30% from $0.0920 on March 13 to a low of $0.0642 on March 20 as the broader market <a href="https://crypto.news/crypto-market-slumps-8-as-bitcoin-etf-outflows-exceed-836m-but-theres-a-catch/">fell</a>. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="936" height="520" src="https://crypto.news/app/uploads/2024/03/Screenshot-2024-03-25-123123.png" alt="IDEX surges 33%, investors interest skyrockets - 17" class="wp-image-14260817">
 <figcaption class="wp-element-caption">
 IDEX price – March 25 | Source: CoinMarketCap
 </figcaption>
</figure> 
However, this price slump immediately preceded a recovery push that has now seen the token reclaim a 10-month-high. IDEX saw the start of its good fortunes over the weekend, spiking to a high of $0.0904 on March 23 before retracing on the back of stern resistance. 
 You might also like: <a href="https://crypto.news/top-cryptocurrencies-to-watch-this-week-doge-matic-xec/"> Top cryptocurrencies to watch this week: DOGE, MATIC, XEC </a> 
The asset’s bullish momentum extended to the next day, allowing it to surge to $0.1191 on March 23, as it breached the $0.1 psychological price threshold for the first time since May 2023. IDEX closed March 23 with an impressive 48.24% gain, marking its largest intraday gain in 23 months. 
Despite a subsequent 4.48% decline this morning, the <a href="https://crypto.news/glossary/crypto-assets-in-investment-and-trading/">asset</a> has retained most of the gains recorded over the weekend. Market data indicates IDEX is up 33% in the last 24 hours, making it one of the top-performing crypto assets within this period. 
Notably, details are scant on the possible trigger of the recent surge, but data suggests it may stem from growing demand following a rise in interest. IDEX’s <a href="https://crypto.news/glossary/volume-in-crypto-trading/">volume</a> has spiked 636% to $171.9 million over the past 24 hours, with Binance commanding 66% of the global volume. 
Google Trends data also indicates that searches for IDEX have skyrocketed since March 23, with interest over time rising from 23 to 92 as of 14:00 UTC on March 24. Interest has dropped since then, but remains fairly higher compared to the seven-day average. 
Significantly, IDEX’s derivatives volume has also <a href="https://www.coinglass.com/currencies/IDEX" target="_blank" rel="noopener">increased</a> by 1,364% in the last 24 hours to $784.53 million at the reporting time, with Open Interest (OI) rising 508% to $35.67 million, according to Coinglass data. The asset currently trades for $0.1111, looking to hold above the $0.11 territory despite the prevailing bearish action. 
 Read more: <a href="https://crypto.news/avalanche-foundation-1-million-meme-coin-ecosystem/"> Avalanche Foundation launches Memecoin Rush, injecting $1m into ecosystem </a>

IDEX surges 33%, investors interest skyrockets

crypto.news

Other articles published on Mar 25, 2024

EU Ban On Anonymous Crypto Wallets – Debunking The Latest Claims About EU AMLR’s Decisions

Shiba Inu Coin Price Prediction: When Will SHIB Price Hit $0.001? Here’s the Timeline

Can Ethereum Break Through $4,000 Amid SEC Scrutiny?

Bitcoin Surpasses Previous High: Turkish Investors’ Crypto Preferences

Bitcoin Price Swings Linked to US ETF Activity and Economic Signals

MakerDAO: Watch out for this if you hold MKR

Join our free newsletter for daily crypto updates!