As per Token Unlocks, DYDX is one of the altcoins that will experience an increase in token supply this week, along with Optimism, 1inch, and Hedera. On August 29, the dYdX Foundation will unlock 6.52 million DYDX tokens worth approximately $14.41 million. The total supply of DYDX tokens is 1 billion, with a current circulating supply of 173 million DYDX tokens.

The token’s allocation and distribution plan stipulates that the entire 1 billion DYDX tokens will be released over a five-year period. The initial distribution took place on August 3, 2021, and the locked coins are intended for previous investors of dYdX Trading, founders, advisors, employees, and consultants of the dYdX Foundation.

DYDX Token Price Analysis

The dYdX (DYDX) token was trading at $2.16 on Monday, experiencing a 1.6% decline in the past 24 hours but a 12% increase over the previous week. In anticipation of the significant token unlock, the price of DYDX has fluctuated between $1.18 and $2.23.

Technical indicators such as MACD and daily RSI suggest that the bulls are currently in control. However, for the price to continue its upward momentum, it needs to break above the range’s base and reach the next targets at $2.70 and $3.20. In the event of a sell-off and a slowdown in the risk markets, the price could drop to the range of $1.54-$1.36.

FAQs

What is DYDX?

DYDX is the governance token of the dYdX protocol, a decentralized exchange platform built on Ethereum.

How many DYDX tokens will be unlocked?

A total of 6.52 million DYDX tokens will be unlocked on August 29.

What is the total supply of DYDX tokens?

The total supply of DYDX tokens is 1 billion.

Who are the locked coins intended for?

The locked coins are meant for previous investors of dYdX Trading, founders, advisors, employees, and consultants of the dYdX Foundation.

What are the price targets for DYDX?

The next price targets for DYDX are $2.70 and $3.20, if the price can break above the range’s base. In the event of a sell-off, the price could drop to the range of $1.54-$1.36.

Where can I check the token unlocks and issuance details?

You can find more details about the token unlocks and new issuance on the Token Unlocks website: https://token.unlocks.app/dydx