The dYdX Foundation Delays Token Unlocking, Price Shoots 30%

The altcoin market has been showing good strength recently with Ethereum and other top-ten altcoins taking the lead. But over the last two-three months, one altcoin that’s been consistently doing well is Litecoin (LTC).

During the last 90 days, LTC has gained more than 80% while grabbing the attention of investors. As per the on-chain data, large whale addresses holding LTC have exploded in activity. On-chain data provider Santiment reported:

Litecoin’s large whale transactions have exploded with activity, indicating a resurgence of transactions that are valued at $1 million or more. On the tail end of the last two similarly sized whale spikes, prices jumped +37% and +33% at their peaks.

Market analysts believe that LTC will continue to be on investors’ radars this year as the major halving event is approaching in the second half of 2023. This could serve as a major catalyst for the LTC to all even more. Some analysts are expecting Litecoin’s (LTC) price to rally all the way to $150 and around.

dYdX Also Joins Litecoin In Party

Over the last 24-hours, dYdX has jumped by a staggering 30% as the dYdX Foundation said that they would be delaying the unlocking of its 150 million tokens from the next month of February to later December this year. As a result, there’s been huge whale participation in dYdX as of now.

As of press time, dYdX is trading at a price of $1.99. The Santiment report notes:

DYDX has been a bright spot and is +22% on the day in an otherwise quiet #altcoin market. There are already 986 active addresses on the #DYDX network, indicating a big utility increase. Additionally, there are already 10 $1M+ whale transactions today.

Along with Litecoin and dYdX, several other small and mid-cap altcoins have seen strong rallies this year. Some of the altcoins that have jumped 20% in the last 24 hours include LCX, SONM, Aptos, Nervos, Concordium, etc.

🥳 #Altcoins are on another impressive run, with several notable assets up 20% or more. After a 5-day #crypto dip, prices are seeing little resistance. Social spikes & #FOMO may cause a top, or traders will scoff at this run (allowing rallies to continue). https://t.co/Fv5R7Ke87Z pic.twitter.com/Ez1WW5vPsf

— Santiment (@santimentfeed) January 25, 2023

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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