Advertisement
AD

Main navigation

Are DEX Utility Tokens Being Pumped? Massive Surge Suggests So

Advertisement
Wed, 12/10/2022 - 21:37
Are DEX Utility Tokens Being Pumped? Massive Surge Suggests So
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The decentralized exchange (DEX) utility tokens market segment has decoupled from the rest of the crypto market, surging massively in spite of the crypto lull. Per data from CoinMarketCap (CMC), DEXs have cumulatively recorded an average price increase of 55.73% in the last 24 hours. 

Advertisement

Of the 112 protocols tracked in this category by CMC, 51 (46%) of them are trading in gains while 61 (54%) remain in loss. The top gainer was Micromines (MICRO) which pumped over 6200% in the past 24 hours, according to CMC. 

The surge is suggestive of a sector pump signal to entice market participants to buy into the market as the DEX ecosystem has been recording declining trading volumes in recent months. According to data provided by DeFiLlama, DEX volumes have been declining steadily since April to multi-year lows. 

In September, the segment recorded a total of $55.77 billion in traded volume. This was a drop from August's $66.75. So far in October, the segment has recorded $13.48 billion in traded volume. 

Advertisement

Could institutional interest be responsible for the pump? 

While the latest surge points to possible manipulation, it also points to other fundamentals at play despite the crypto bear market. For one, more institutional investors are taking a keen interest in decentralized finance and DEXs, according to Golden Tree

Earlier this month, GoldenTree Asset Management — a traditional asset manager with over $47 billion in AUM — disclosed an about $5.3 million SushiSwap, per Golden Tree. 

Meanwhile, the DEX sector is not the only market segment that has recorded a spike in average price in the last 24 hours per CMC's data. Similarly, non-dex utility tokens such as Huobi Token (HT) have also seen a rise. 

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD