CandleFocus DYDX rallies 35% amid reports of backing by Trump’s new crypto czar
2024-12-06
Author: Content Editor
DYDX, the native token of decentralized trading platform dYdX, experienced a significant rally after news broke that it was backed by Trump's new White House cryptocurrency advisor. The altcoin surged 35% in a day, reaching a seven-month high and bringing its market cap above $1.67 billion. This surge made DYDX the leading gainer among the top 100 cryptocurrencies. The rally was fueled by the appointment of David O. Sacks, who has a connection to DYDX through his venture capital firm's investment. Additionally, rising demand from whale investors and an increase in total value locked in the DeFi protocol contributed to the altcoin's rally.
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