🟩On December 6, the token of the dYdX platform (DYDX) surged by 35%, reaching $2.45—a seven-month high. The token’s market capitalization exceeded $1.67 billion, while daily trading volume rose by 113.9% to $369 million.
🟩The growth in DYDX is attributed to former President Donald Trump appointing David O. Sacks as the White House cryptocurrency advisor. Sacks’ investment firm, Craft Ventures, having stakes in DYDX, sparked investor optimism.
🟩Another driving factor was whale activity. According to IntoTheBlock, whale inflows to DYDX surpassed $2.2 billion on December 4, triggering FOMO among retail investors.
🟩Additionally, the total value locked (TVL) in the DeFi protocol increased from $226 million to $445 million over the month, further boosting interest in the token.