Token

Notable

Defiance

Unlocking a significant amount of tokens can often trigger speculations and <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a> movements. In the case of Dydx, the unlocking of 150 million DYDX tokens on December 1st has the potential to bring both opportunities and challenges. Let’s examine the key issues and see if this unlocking will create significant selling pressure.
<h2 style="text-align: justify" id="token-unlocking-dynamics-and-investor-allocations">Token Unlocking Dynamics and Investor Allocations</h2>
If we delve into the details of the token, DYDX allocated 50% of its total supply, which is 500 million DYDX, to various stakeholders including investors, founders, employees, and advisors. 30% of this allocation, which is 150 million DYDX, will be unlocked on December 1st.
<img decoding="async" class="wp-image-281243 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/dydx-cointurk-1.jpg" alt="" width="2136" height="1094">
This move raises questions about the potential impact on the market, especially considering that 83 million 190 thousand DYDX will become accessible to investors. This figure corresponds to 46.15% of the circulating supply.
<img decoding="async" class="wp-image-281244 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/altcoin-dydx-cointurk-scaled.jpg" alt="" width="2560" height="1138">
The analysis of on-chain data provides valuable insights into DYDX token movements. Important investor addresses such as a16z crypto, Defiance Capital, and Polychain Capital received tokens from the dydx Foundation. Interestingly, several investors chose to bridge their DYDX assets, with a16z crypto alone bridging 42.69 million DYDX worth $143.87 million.
<img decoding="async" class="alignnone wp-image-281249 size-full" src="https://coin-turk.com/wp-content/uploads/2023/11/dydx-smart-contract-cointurk-scaled.jpg" alt="" width="2560" height="1113">
Currently, 437.4 million DYDX, which is 43.74% of the total supply, is permanently locked in the wethDYDX smart contract due to the one-way bridging mechanism.
<h2 style="text-align: justify" id="top-20-holders-and-recent-whale-activities">Top 20 Holders and Recent Whale Activities</h2>
When we examine the token distribution, we see that the top 20 holders have a total of 850.93 million DYDX, which accounts for 85.09% of the total supply.
<img decoding="async" loading="lazy" class="alignnone wp-image-281246 size-full" src="https://coin-turk.com/wp-content/uploads/2023/11/top-20-cointurk.png" alt="" width="2882" height="3383">
Notable recent activities include FalconX withdrawing 1.14 million DYDX worth $3.84 million from the <a href="https://en.coin-turk.com/binance-announces-withdrawal-from-dutch-market-amid-regulatory-issues/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> cryptocurrency exchange within the last five days.
<img decoding="async" loading="lazy" class="wp-image-281247 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/falconx-cointurk-scaled.jpg" alt="" width="2560" height="1168">
Additionally, a whale with the address “0x2A25” deposited 1.5 million DYDX worth $5.08 million from dYdX: DYDX Distributor to Binance six days ago.
<img decoding="async" loading="lazy" class="alignnone wp-image-281248 size-full" src="https://coin-turk.com/wp-content/uploads/2023/11/balina-cointurk-scaled.jpg" alt="" width="2560" height="1203">
As the unlocking date approaches, market participants are eagerly watching for any signs of selling pressure and whether whales or smart money are making strategic moves. Any potential downward movement in DYDX price in the coming days will clearly indicate the occurrence of a sell-off after the token unlocking. Continue Reading: <a href="https://en.coin-turk.com/unlocking-the-dydx-token-opportunities-and-challenges/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/unlocking-the-dydx-token-opportunities-and-challenges/</a>

Unlocking the DYDX Token: Opportunities and Challenges

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