Master of Crypto
Crypto Market Intelligence Publisher
dYdX broke out of a multi-month triangle as the market buys the expectation of news rather than news itself. It rose over 40% in 24 hours with no launch, partnership or major news, only an X account counting down to an important announcement, which added hundreds of millions of dollars in value. If the breakout holds, $0.24 is the next target, and a move above it could send DYDX toward $0.36. x.com
dYdX is the biggest decentralized perpetuals exchange, with billions in daily volume and real fees, users and protocol, yet its token is down 97% from its all-time high. The DeFi perps narrative is heating up, and dYdX is the original. x.com
dYdX's token has a lot of upside if the rebranded Arcus can execute its pivot to perps on equities, commodities and indices, where most perps growth should come, as HIP-3 shows. Robinhood featured Arcus as one of two perps protocols among a dozen, bringing distribution. The same, nearly fully circulating token captures all value at a $130M FDV, a fifteenth of Lighter's; Jito rerated from $250M to $800M FDV after a similar perps pivot. The post-event selloff looks like a knee-jerk reaction. x.com
