dYdX DYDX/USD is a decentralized exchange that supports perpetual, margin trading and spot trading as well as lending. It runs on smart contracts on the Ethereum blockchain.
The Move to DEXs as a catalyst for growth
On September 8, the exchange’s governance token was airdropped to users.
As the number of tokens received by users was determined through historical trading activity on the exchange, a lot of farmers went to the platform to capitalize on their free tokens.
On September 27, we covered where you can buy the dYdX (DYDX) coin.
Given the fact that the token quickly grew in value, with its market capitalization surpassing $1 billion, many airdrop recipients made off significant profits.
Another Twitter user named Daniel Que said that their airdrop is worth $420k.
On the other end of the spectrum, certain users residing in the U.S. weren’t as lucky due to the fact that they were “protected” from the airdrop by the U.S. Securities and Exchange Commission.
With all of this in mind, If you were to invest in the dYdX token today, what kind of returns could you get, and is it a worthwhile investment? Let’s find out.
Should you invest in dYdX (DYDX)?
On September 28, dYdX (DYDX) had a value of $20.49.
To get a better perspective of what kind of value point this is, we will compare its current value to its all-time high and its performance throughout September.
On September 13, the token had its lowest point with a value of $9.41.
When we look at the dYdX’s all-time high value, it was on September 27 when the token had a value of $22.67.
This gives us an indication that the token grew in value by $13.26 throughout the month, which led to an increase in value by 140% in total.
Additionally, compared to the value the token had on September 28, it’s all-time high value is just 10% higher or has a $2.18% difference.
With all of this in mind, we can expect the token to reach a value of $22 by the end of October as well, indicating a potential for growth and making it a worthwhile investment.
The post Should you invest in dYdX (DYDX) in September 2021? appeared first on Invezz.
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