{"id":563308,"date":"2024-11-30T22:00:16","date_gmt":"2024-11-30T22:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=563308"},"modified":"2024-11-30T20:34:44","modified_gmt":"2024-11-30T20:34:44","slug":"dydx-unlock-tokens-will-bears-have-field-day","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/defi\/dydx-unlock-tokens-will-bears-have-field-day\/","title":{"rendered":"dYdX To Unlock $478M Worth Of Tokens, Will Bears Have A Field Day?"},"content":{"rendered":"

On December 1, dYdX, the layer-2 decentralized exchange, will\u00a0<\/span>unlock<\/span><\/a>\u00a0150 million DYDX worth roughly $478 million to early investors and core team members. This substantial unlock has raised concerns among investors, who fear the influx of fresh tokens could substantially increase supply. <\/span><\/p>\n

If this is not matched by high demand, DYDX prices will likely pull back, reversing recent gains posted over the past few trading weeks.\u00a0<\/span><\/p>\n

DYDX Worth $500 Million To Hit The Market<\/span><\/h2>\n

According to Bubblemaps\u00a0<\/span>data<\/span><\/a>, out of the $478 million worth of DYDX, over 50% is allocated to venture capitalists (VCs), including Paradigm and Polychain. Zooming back and looking at their data, VCs seeded $100 million to the layer-2 decentralized exchange. <\/span><\/p>\n

These tokens were distributed to private investors through five wallets, including Coinbase Custody, Investor Distribution, and the Foundation Wallet.<\/span><\/p>\n

Currently trading at over $3, DYDX is at February 2023 levels and technically bullish. However, the upcoming token unlock casts a shadow over the token’s positive momentum. <\/span><\/p>\n

Related Reading: Shiba Inu L2 Shibarium Crosses 4 Million Transactions As Burn Rate Explodes<\/a><\/div>\n

Notably, dYdX, postponed its token unlock by ten months. <\/span>According to data, the humongous DYDX unlock was initially postponed from February to December 2023. Following this move, DYDX prices edged higher. <\/span><\/p>\n

Even so, prices pulled back before consolidating in the better part of Q2, Q3, and early Q4 2023. There was a pronounced rally in late October 2023 as DYDX rose, riding the optimism across the crypto board.
\n<\/span><\/p>\n

At spot rates, DYDX is up 82% from October 2023 highs. However, looking at price action, bears are retesting the 20-day moving average of the BB. A break below this level might trigger a sell-off, pushing prices back to October 2023 highs.<\/p>\n

\"DYDX<\/a>
DYDX prices trending lower on the daily chart | Source: DYDXUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Which Way Could Take The Price Action?<\/span><\/h2>\n

While it is likely that prices could contract ahead or after the unlocking event, the team has devised a way of mitigating the expected selling pressure. To illustrate, the initial unlock will release 30% of the total amount. Afterward, there will be monthly equal releases over the next three years.\u00a0<\/span><\/p>\n

\u00a0For optimists, however, that a significant portion of these tokens will go to the team, and investors could end up supporting prices. Team members and venture capitalists trade less frequently than retail investors, meaning the expected liquidation pressure, if any, could be limited. <\/span><\/p>\n

Moreover, some team members and even early investors might consider re-staking DYDX from their infrastructure, giving them more control.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Alert: $137 Million Moved By Long-Sleeping Whale, Market Braces For Impact<\/a><\/div>\n

Even with this release, crypto participants are upbeat, anticipating Bitcoin prices to track higher ahead of the expected spot Bitcoin ETF approval by the Securities and Exchange Commission (SEC<\/a>). More tailwinds could result from the Bitcoin halving event in early Q2 2024.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

On December 1, dYdX, the layer-2 decentralized exchange, will\u00a0unlock\u00a0150 million DYDX worth roughly $478 million to early investors and core team members. This substantial unlock has raised concerns among investors, who fear the influx of fresh tokens could substantially increase supply. If this is not matched by high demand, DYDX prices will likely pull back, reversing recent gains posted over the past few trading weeks.\u00a0 DYDX Worth $500 Million To Hit The Market According to Bubblemaps\u00a0data, out of the $478 million worth of DYDX, over 50% is allocated to venture capitalists (VCs), including Paradigm and Polychain. Zooming back and looking at their data, VCs seeded $100 million to the layer-2 decentralized exchange. These tokens were distributed to private investors through five wallets, including Coinbase Custody, Investor Distribution, and the Foundation Wallet. Currently trading at over $3, DYDX is at February 2023 levels and technically bullish. However, the upcoming token unlock casts a shadow over the token’s positive momentum. Related Reading: Shiba Inu L2 Shibarium Crosses 4 Million Transactions As Burn Rate Explodes Notably, dYdX, postponed its token unlock by ten months. According to data, the humongous DYDX unlock was initially postponed from February to December 2023. Following this move, DYDX prices edged higher. Even so, prices pulled back before consolidating in the better part of Q2, Q3, and early Q4 2023. There was a pronounced rally in late October 2023 as DYDX rose, riding the optimism across the crypto board. At spot rates, DYDX is up 82% from October 2023 highs. However, looking at price action, bears are retesting the 20-day moving average of the BB. A break below this level might trigger a sell-off, pushing prices back to October 2023 highs. Which Way Could Take The Price Action? While it is likely that prices could contract ahead or after the unlocking event, the team has devised a way of mitigating the expected selling pressure. To illustrate, the initial unlock will release 30% of the total amount. Afterward, there will be monthly equal releases over the next three years.\u00a0 \u00a0For optimists, however, that a significant portion of these tokens will go to the team, and investors could end up supporting prices. Team members and venture capitalists trade less frequently than retail investors, meaning the expected liquidation pressure, if any, could be limited. Moreover, some team members and even early investors might consider re-staking DYDX from their infrastructure, giving them more control.\u00a0 Related Reading: Bitcoin Alert: $137 Million Moved By Long-Sleeping Whale, Market Braces For Impact Even with this release, crypto participants are upbeat, anticipating Bitcoin prices to track higher ahead of the expected spot Bitcoin ETF approval by the Securities and Exchange Commission (SEC). More tailwinds could result from the Bitcoin halving event in early Q2 2024. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":563309,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[428,8856,679,1119,54512,83961,89251,90604,86214,1946,84647],"class_list":["post-563308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-price","tag-btc","tag-defi","tag-dydx","tag-dydx-price","tag-dydx-unlocks","tag-dydxusdt","tag-ethereum","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\ndYdX To Unlock $478M Worth Of Tokens, Will Bears Have A Field Day?<\/title>\n<meta name=\"description\" content=\"On December 1, dYdX will\u00a0unlock\u00a0150 million DYDX worth roughly $478 million to early investors and core team members\" \/>\n<meta name=\"robots\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"dYdX To Unlock $478M Worth Of Tokens, Will Bears Have A Field Day?","url":"http:\/\/uniquehot.com\/news\/defi\/dydx-unlock-tokens-will-bears-have-field-day\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/defi\/dydx-unlock-tokens-will-bears-have-field-day\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Crypto-news-Template129.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Crypto-news-Template129.jpg?fit=1380%2C780"},"articleSection":"DeFi","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin halving","bitcoin price","btc","defi","dydx","dydx price","dydx unlocks","dydxusdt","ethereum","spot bitcoin etf"],"dateCreated":"2024-11-30T22:00:16Z","datePublished":"2024-11-30T22:00:16Z","dateModified":"2024-11-30T22:00:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"dYdX To Unlock $478M Worth Of Tokens, Will Bears Have A Field Day?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/defi\\\/dydx-unlock-tokens-will-bears-have-field-day\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/defi\\\/dydx-unlock-tokens-will-bears-have-field-day\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Crypto-news-Template129.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Crypto-news-Template129.jpg?fit=1380%2C780\"},\"articleSection\":\"DeFi\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin halving\",\"bitcoin price\",\"btc\",\"defi\",\"dydx\",\"dydx price\",\"dydx unlocks\",\"dydxusdt\",\"ethereum\",\"spot bitcoin etf\"],\"dateCreated\":\"2024-11-30T22:00:16Z\",\"datePublished\":\"2024-11-30T22:00:16Z\",\"dateModified\":\"2024-11-30T22:00:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Crypto-news-Template129.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/563308"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=563308"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/563308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/563309"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=563308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=563308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=563308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}