Is It Time For dYdX Coin Investors To Pivot To XRP20 For Bigger Returns?

Updated: 06 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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dYdX made some solid profits for investors in its early days. Now, however, investors are questioning dYdX’s potential for the future.

While the token is up 0.65% over the last 24 hours, with a trading volume of over $48 million, investors aren’t optimistic about the token since there has been little to no price increase in over a year.

Is now the right time to look for better alternatives?

dYdX Price Action – Should Investors Opt Out?

Shortly after its launch, the coin gained an impressive 250% for investors. Although their hopes were high, returns have been limited since 2021. The dYdX token is down by 12.5% over the last year.

Long-term price data for the crypto indicates a significant downtrend. Investors have already faced a substantial loss of 92%, dampening their expectations for this cryptocurrency.

Over the span of two years, dYdX dropped by 92.12% from its peak of $27.86. Presently, market sentiment towards dYdX is negative. Demand for DYDX appears to be low, and there’s also a decline in 24-hour trading volume.

A strong catalyst is needed to reverse this bearish trend and attract new buyers. Some speculators suggest that this governance token could rise from its current $2.02 to $3.00 by year-end. While not a huge profit, it’s a notable improvement.

What Is dYdX Token?

The dYdX token (DYDX) is the governance token of the dYdX decentralized trading platform. dYdX is a decentralized exchange that allows users to trade various cryptocurrencies and assets trustless and non-custodial.

The dYdX token represents ownership and participation within the dYdX ecosystem.

At its core, dYdX provides a peer-to-peer trading environment where users can trade spot and perpetual futures.

One of the distinguishing features of dYdX is its emphasis on margin trading. The platform allows users to leverage their trades, meaning they can trade with more funds than they actually possess, potentially amplifying both gains and losses.

Holders of dYdX tokens can participate in governance decisions, such as proposing and voting on changes to the platform’s features, protocols, and parameters. Additionally, dYdX tokens can potentially offer holders certain benefits or incentives within the dYdX platform.

🚨Update🚨

We’ll be sunsetting The dYdX Chain public testnet #1 on August 7th at 17:00 UTC to reset and relaunch public testnet #2 on August 10th at 17:00 UTC ✨

Find the full details here:https://t.co/C3aQ2o6eCH

— dYdX (@dYdX) August 3, 2023

The DYDX token lets holders make essential decisions for the exchange, including incentives on the new layer 2 protocol.

XRP20 – A Better Alternative to dYdX

XRP20 ($XRP20) is a fresh player in the crypto scene, offering renewed hope for those chasing the kind of gains witnessed during Ripple’s ($XRP) early days.

The newly launched presale of XRP20 has been attracting a lot of momentum as investors aspire to own XRP20 tokens. The token has features like deflationary burning and on-chain staking, ensuring that the token’s price displays constant growth.

Built on the ERC-20 standard, XRP20 draws inspiration from the original $XRP, aiming to provide a second opportunity to those who missed out on its meteoric ascent. Despite sharing a name, XRP20 stands independently from $XRP and Ripple Labs.

XRP20 ensures user-friendly accessibility for potential buyers as it operates on the Ethereum blockchain. But what really makes it stand out is its goal to bring back the excitement present during $XRP’s initial days.

This presale currently allows early investors to secure $XRP20 tokens at an enticing price of $0.000092, a substantial 30-fold discount compared to $XRP’s historical low. Investors can participate in the presale using ETH or USDT, and the project has a modest soft cap of $1.85 million.

The presale claims 40% of the total supply, emphasizing early investment, while another 40% is dedicated to the project’s staking pool. This staking feature allows holders to generate passive income by locking their tokens.

Beyond the anticipated price surge, XRP20 introduces an enticing Stake-To-Earn mechanism, providing a less volatile approach to earning within the crypto market. With 40 billion tokens reserved for staking rewards, this mechanism offers long-term potential for passive income.

Given all these features, XRP20 is a better alternative to dYdX, mainly due to its early availability and increasing excitement.

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