DeXe [DEXE] has been on the rise, with the asset surging 36% and delivering one of the most impressive gains among the top 150 cryptocurrencies by market capitalization.
Momentum is driving the rally, while volume analysis across the market shows growing bullish sentiment. At the time of writing, trading volume had grown by 1,460% during the same period, reaching $238 million, according to CoinMarketCap.
Historically, when there is a surge in volume alongside a rising price, it suggests that a growing wave of buyers is entering the market and that investors are bullish as they actively acquire more of the asset.
What’s behind the rally?
The gains over the past day followed a surge in the token holder count, which tracks how many investors are holding the asset.
CoinMarketCap reported that the number of token holders grew by exactly 120, marking one of the largest single-day increases and playing a significant role in influencing the price.
It was not just the increase in the holder count that stood out, but also the type of investors who acquired the token during this period.
Data shows that the surge can be linked to whales. Whales are groups of investors that hold a high level of capital and liquidity, giving them the potential to influence market movements.
The whale retail delta, which tracks this activity, has surged significantly over the past couple of weeks, setting the asset up for further gains. When the metric surges, it suggests that whales have been acquiring the asset during this period.
These investors typically hold their positions for longer, which could help sustain the rally.
Perpetual flow can influence price
Perpetual market activity has also played a key role, with a significant portion of capital flowing into DEXE through the derivatives market.
At the moment, DEXE’s perpetual market capital has reached roughly $29 million, while the open interest-weighted funding rate currently sits at 0.0054%, according to the latest data.
With positioning leaning bullish, there is a higher chance that investors could maintain the growing bullish momentum that the asset is benefiting from.
Likewise, bullish sentiment is growing across exchanges, with key venues such as Binance and OKX showing high buying volume on their platforms.
According to the latest reading from CoinGlass, the volume ratio for Binance’s top traders stood at 1.99, while LBank crossed the 1.2 mark. This suggests that investors are placing bids in anticipation that the asset could outperform in the near term.
Market sentiment stays positive
While there has been clear capital flowing into DEXE, there is also a strong indication that investors maintain a bullish outlook.
This is reflected in market sentiment, which gauges the overall outlook based on market expectations. The sentiment ranges from -10 to 10, with the latest reading standing at 5.7 on the chart.
If sentiment continues in this direction, there is a high chance that the market could maintain its upward trajectory, as sentiment often influences investors’ decisions to buy, hold, or sell.
Final Summary
- DEXE surged 36% as trading volume jumped 1,460% to $238 million, pointing to strong buying momentum across the market.
- Whale activity, bullish perpetual positioning, and positive market sentiment could support DEXE’s rally if momentum holds.
