dYdX looking for a bottom
A short review of where we are now in dYdX.
Anyone still holding a generous airdrop?
1. We are watching a few DYDX whales regularly, and it looks like they mostly don't care lately. This is the watchlist: https://app.santiment.net/s/A28vEqge
This is their holdings:
2. Onchain activity is declining all the way (active addresses and network growth):
Nothing optimistic here.
3. Trading volume probably looks a bit more promising, need to see how it evolves next days. Best to see a higher high soon:
4. Social volume is also on a slight optimistic uptrend:
5. Finally we'd like reveal a metric which is lacking attention usually. It's called "Transacted Coin Acquisition Cost" and it shows at what price the tokens that were transacted today were last moved (were perhaps bought).
See horizontal bars on the right?
Let me help you to read it:
The above chart indicates almost no tokens were moved in profit today (small green bar at the bottom right). And many tokens acquired around the top were perhaps sold (huge red bar on top right). In loss. In a serious loss. What a pain for holders. A sort of a capitulation? May be.
We will see how it goes from here.
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.