DYDX, the native token of the decentralized exchange platform dYdX, experienced a significant price jump to $2.23 after the U.S. Securities and Exchange Commission (SEC) announced its lawsuit against Binance.
The SEC alleges that Binance violated federal securities law, prompting positive market sentiment for DYDX.
At the time of writing, the DYDX token reached $2.23, representing a notable increase from its lowest price of $2.04 within the past 60 minutes.
According to data analytics firm CryptoWatch, the token’s price surged as high as $2.26, reflecting a gain of approximately 10%.
This price movement is attributed to the SEC’s declaration that Binance’s BNB and BUSD tokens, which are affiliated with the centralized exchange, are unregistered securities.
Over the last 24 hours, the dYdX platform has recorded an impressive trading volume of more than $939 million. The platform has witnessed active participation from approximately 281,500 traders, as indicated by data available on the dYdX website. These figures highlight the robust demand and engagement within the dYdX ecosystem.
The SEC’s lawsuit against Binance has created a ripple effect in the cryptocurrency market, including a positive response for the DYDX token.
The regulatory scrutiny on Binance’s token offerings has drawn attention to alternative decentralized exchange platforms like dYdX, leading to increased interest and trading activity.
Traders and investors seeking decentralized alternatives may turn to platforms like dYdX, which offer innovative solutions while complying with regulatory requirements.