Spot On Chain, the on-chain data provider, has issued a warning for dYdX (DYDX), which is among the top 100 altcoins in terms of market capitalization. According to Spot On Chain’s data, DYDX ranks 4th in the Smart Money Outflow list. So what does this mean for this altcoin? Let’s take a closer look.
Two Major Whales Move Millions of DYDX to Binance
Spot On Chain reports that DYDX ranks 4th in the Smart Money Outflow list, which represents the cryptocurrencies that major investors are exiting. This indicates that there is a significant flow of this altcoin from crypto whales to cryptocurrency exchanges.
On-chain data shows that three crypto whales have transferred 4.08 million DYDX worth $13.9 million to cryptocurrency exchanges in the past 12 hours. One wallet address, believed to be owned by Amber Group, one of the leading names in the crypto market and starting with 0xb0d, deposited 2.37 million DYDX worth $8.04 million to Binance with an average purchase price of $3.39 about 8 hours ago.
Since the token unlock on December 1st, this whale has transferred 9.2 million DYDX worth $29.8 million to Binance. Despite the recent high token transfers to Binance, the wallet address still holds 3.26 million DYDX worth $11.27 million.
Furthermore, it has been found that crypto VC firm CMS Holdings transferred 516,023 DYDX worth $1.73 million to Binance about 15 hours ago. The VC no longer holds DYDX in the Ethereum Blockchain.
Whale Makes $274,000 Profit with DYDX in 2 Days
Another wallet address starting with 0x01a transferred 1.2 million DYDX worth $4.09 million with an average purchase price of $3.41 to the cryptocurrency exchange Kraken about 8 hours ago. Data shows that the owner of this wallet address made a profit of $274,000 in just 2 days.
According to the data from CoinMarketCap, a crypto data and price platform, DYDX is trading at $3.37 with a 4.73% increase in the last 24 hours. Altcoins have been under pressure for the past week following the moves of altcoin whales.