Crypto Whale Withdraws 2.8 Million DYDX Worth IDR 115 Billion From Binance!

Crypto whales attract more than a hundred billion in the form of DYDX crypto. (Photo; Doc. CoinPaprika)

JAKARTA - A large transaction has just occurred in the crypto market. A crypto whale aka whale, owner of a large crypto asset, withdrew 2.8 million DYDX tokens worth around Rp115 billion from the world's largest crypto exchange, Binance.

Not long ago, the transaction was detected by Scopescan Monitoring, a platform that oversees blockchain activity. The DYDX withdrawal was carried out on Tuesday, December 19, 2023 at 10.00 WIB.

DYDX is a native token of DYdX, a DeFi protocol that allows trading of crypto margins, spots, and derivatives. DYDX is one of DeFi tokens with the best performance this year, with a significant price increase since its launch in September.

Even so, the motive behind this large withdrawal is still unclear. There are several possibilities that crypto experts and observers can explain. One of them is that the whale wants to take advantage of the high liquidity and trading volume in Binance to sell or exchange DYDX for other crypto assets. This could affect DYDX prices and demand in the market.

Another possibility is that the whale wants to move its assets to a wallet or other platform that is safer or more profitable. For example, the whale can store DYDX in a hardware wallet or hardware wallet that is safer and protected from hacker attacks. The crypto whale is also suspected of allocating DYDX to another DeFi protocol that offers higher returns.

Whatever the reason for the crypto whale, this transaction shows that DYDX is a crypto asset that is in demand by big players in the market. DYDX also has the potential to grow further along with the development of DYdX as one of the leading DeFi platforms. According to data from DeFi Llama, DYdX currently has a total locked value (TVL) of US$2.8 billion (Rp115 billion), placing it 11th among all DeFi protocols.

The price of DYDX reacted positively to this recall news. At the time of writing, DYDX was trading in the range of 2.9 US dollars, up 3.6% in the last 24 hours, according to data from CoinMarketCap. DYDX also recorded a 13.7% increase in the last seven days, surpassing the average performance of the crypto market. DYDX has a market cap of 1.1 billion US dollars, making it one of DeFi tokens with the highest value.