Blockchain analytics firm Santiment says the native token of a decentralized crypto exchange is signaling massive fundamental strength behind the scenes.
According to the firm, on-chain data is showing astonishing growth for DYDX, the native token for the decentralized trading platform of the same name.
Santiment says there has been an anomalous explosion in active addresses for DYDX, which could be hinting at a new bull run.
“The last spike seems quite unusual indeed for a stagnant price. Bullish divergence?”
The firm also says that DYDX’s Network Growth is exploding. According to Santiment, Network Growth is a metric that shows user adoption over time as it tracks the number of new addresses transferring a specific coin for the first time.
“Then we found an astonishing Network Growth for DYDX. Have a look at this beauty…
It’s in a very strong uptrend potentially able to pick up the price, along with strong Active Addresses. Previous attempts to pump took place on even lower Network Growth.”
According to Santiment, some “confidence markers” that could signal a strong uptrend for DYDX include:
- Price breaking $5.40 (above resistance)
- Network Growth remaining over 118 (current value)
- Active Addresses more than 380 (current level)
Looking at Ethereum (ETH), the insights firm says that whales, or entities with more than 1,000 ETH in their wallets, have gobbled a significantly bigger piece of the pie than what they had just one year ago.
“Ethereum’s top 10 whale addresses hold 4.3% more of the total supply than they did one year ago today. The 23.7% of all ETH held by these wallets remains very close to the five-year high levels that it first breached in late January.”
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