DYDX, known for its airdrop that offered early users highly rewarding earnings opportunities, had been overshadowed for some time. The challenges arose from significant unlocking events, a prolonged bear market, and rising competition. Now, with the team announcing their target for the end of 2025, the desire to re-enter the game is strongly emphasized.
DYDX Enters the U.S. Market
During the post-airdrop period, Turkish cryptocurrency enthusiasts showed high interest in DYDX. This interest was corroborated by the trading volume in TL pairs and social media shares from Turkey back then. However, like many altcoins that began with low supply and faced inflation through regular unlocks, the dYdX team also experienced tough times.
Although the trading volume was decent, the token’s price took a hit due to inflation, as well as decreased interest caused by competitors like HYPE and ASTER. Nevertheless, company president Eddie Zhang announced their aim to enter the U.S. market by the end of 2025, marking a significant development.
“Offering services in the U.S. is crucial for us as a platform because it represents the direction we’re striving to move towards,” a quote reflects the strategic importance of this move.
Unlike exchanges such as Kraken and Coinbase, dYdX offers decentralized derivative contracts. Entry into the U.S. market will activate spot pairs for altcoins like Solana, expanding their offerings.
The elimination of SEC pressures on DeFi and the freedom granted to cryptocurrencies by Donald Trump is the main reason behind this bold move. Previously, U.S. politicians could loudly advocate for banning DeFi and expelling crypto companies. However, the crypto community’s support for Trump has altered this stance, making them think twice before speaking against crypto. The GENIUS vote saw some Democrats compelled to vote in favor due to these changes.
The Future of DYDX Coin
dYdX (DYDX) once reached a market value of $1.89 billion and peaked at $1.4 billion at the end of 2024. However, the excessive altcoin sell-off in the crypto markets reduced its market value to $238 million. Looking at the glass half full, about 79% of the supply is in circulation, significantly reducing inflation pressure.
It is indeed unfortunate that the DeFi altcoin, once celebrated for trading above $15, is now lingering at the $0.3 level. The crucial support level of $1.3 was lost 287 days ago and hasn’t been reclaimed. The price reached its lowest ever during the week of October 6, dipping below $0.1. Currently, without reclaiming the $0.358 support, the price appears likely to drop below $0.1 again. However, a potential rise could see new peaks around the $0.436 and $0.71 range, subsequently aiming for a $0.9 base and bringing the $1.3 mark back into discussions. This erosion in market value is unprecedented, and if an altcoin bull market emerges, DYDX should be considered an opportunity. However, predicting the future in crypto, especially with altcoins, can feel like rolling dice as maybe no bull cycle arises, potentially reducing the price to zero.