Awakening of a Dormant dYdX Whale: $4.97 Million Deposit on Kraken Sparks Intrigue

Awakening of a Dormant dYdX Whale: $4.97 Million Deposit on Kraken Sparks Intrigue

Crypto News – A dormant dYdX (DYDX) whale has recently reemerged after a lengthy 730-day hiatus, making a substantial deposit of DYDX tokens onto the Kraken exchange. According to a recent post on Lookonchain, a platform specializing in on-chain tracking, this previously inactive whale transferred 1.2 million DYDX tokens to Kraken over the past 12 hours, with a total value of approximately $4.97 million.

It’s noteworthy that this whale still retains a significant stash of 2.8 million DYDX tokens, currently valued at around $11.6 million, even after the sizable deposit made to Kraken. The post also disclosed that this particular whale had received a substantial sum of 4 million DYDX tokens, estimated to be worth $16.5 million, from the dYdX Foundation Wallet back in 2021.

Over the last 24 hours, DYDX has experienced a modest decline in price, with a decrease of 1.42%, as reported by CoinMarketCap. Consequently, the cryptocurrency was trading at $4.02 at the time of this report. However, this 24-hour decline pales in comparison to DYDX’s impressive performance over longer timeframes.

DYDX’s price has surged by over 55% in the past week, continuing its strong monthly performance, which stands at an impressive +116%. Furthermore, on an annual basis, DYDX has exhibited a remarkable growth rate of +71%.

During the most recent trading session, DYDX reached a peak price of $4.34, although it has since retraced to its current trading level. Consequently, DYDX is currently hovering closer to its 24-hour low of $3.84 rather than its daily high.

On the 4-hour chart, DYDX has formed a symmetrical triangle pattern after displaying a series of higher lows and lower highs over the past 24 hours. This specific chart pattern suggests the potential for DYDX’s price to experience a breakout within the next 24-48 hours.

In the event of an upside breakout, DYDX may successfully turn the $4.245 resistance level into a support level, potentially leading to a further climb to $4.770 over the coming days. Conversely, if DYDX’s price takes a bearish turn, it could breach the $3.720 support level, potentially descending as low as $3.395.