'Smart money' wallets hold over 47.8 million dYdX tokens, a 30% increase since the beginning of the year
According to analytics firm Nansen, "smart money" wallets, which are associated with skilled traders, have been consistently increasing their holdings of dYdX governance tokens. These wallets, including top DEX traders, liquidity providers, and venture funds, now hold over 47 million dYdX tokens ($103 million)—a 30% increase since the start of the year.
Data shows net outflows of dYdX tokens from exchanges over the past 30 days, hinting at potentially increased holdings by traders. While this indicates a level of confidence in the dYdX project, the "smart money" wallets hold only a small portion of the total 1 billion dYdX token supply.
This development comes ahead of dYdX's plan to launch a Cosmos-based blockchain and the release of Version 4, currently in testnet. The dYdX Foundation has also discussed the possibility of conducting a governance vote to decide whether to migrate dYdX tokens from Ethereum to become the native asset on the planned Layer 1 on Cosmos.
