A prominent crypto investor, known as a “whale,” deposited over $4 million of dYdX (DYDX) to the cryptocurrency exchange Kraken on Monday. The move comes amidst a significant uptick in the value of the asset.
The deposit was made as the price of DYDX, a decentralized derivatives exchange token, surged by 30% on Monday. Blockchain tracker Lookonchain revealed that if the investor sold the DYDX at that point, profits would have exceeded $1.5 million.
The deposit coincides with a significant rally in the cryptocurrency’s value. DYDX, ranked the 72nd crypto asset by market cap, has seen an increase of over 9% in the past 24 hours, over 59% in the past week, and an impressive 117% in the past month.
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