Why This Altcoin Rose 200% This Week And Crashed After?
- Mdex (MDX) altcoin, which is a new decentralized trading protocol that launched in January 2021, had jumped 200% earlier this week.
- There was a surge in bullish volume as the week began and MDX rose to the price of $0.223 on Oct. 14, although the token is quite low from its all-time high of $10.
- Mdex launched a USDT-margined perpetual trading feature which is a major reason why the altcoin attained higher highs.
An under the radar altcoin that the crypto market underestimated surged significantly out of the blue in the first half of this week, and it seems that this token might be a beneficial investment when the market turns bullish. The token we are talking about is the Mdex (MDX) token, which is a new decentralized trading protocol that launched in January 2021.
The project describes itself as a “composite DeFi (decentralized finance) ecosystem,” and as per the data from our algorithm, MDX is trading at a price of $0.13. Following the crash in the price of the world’s biggest cryptocurrency Bitcoin (BTC), there has been a crash in various altcoins as well and this has caused investors huge losses.
The altcoin is ranked at 162 and has a market capitalization of around $121,931,981.92 and there has been a decline of 15.35% in the last 24 hours in the same. The market dominance of the token stands at 0.01%. It is crucial to note that the token has risen by more than 200% during the first few days of the week. As the week began on Oct. 9, the altcoin was priced $0.063 and spiked to $0.084 on the very next day.
As the hours went by on Oct. 10, the MDX token sparked to $0.09 price level.
With the strike of dawn on Oct. 11, the token lost the $0.09 price region and then retested the $0.07 price region. However, the tides turned due to a new product being debuted by the project. There was a surge in bullish volume as the week began and MDX rose to the price of $0.223 on Oct. 14 which resulted in a significant interest in the newly launched project as well.
This week, Mdex launched a USDT-margined perpetual trading feature which is a major reason why the altcoin attained higher highs despite the market being bearish and the overall situation looking unprofitable. It is also crucial to note that the DeFi application partnered with on-chain derivatives trading platform ApolloX Finance in order to debut this feature.
“MDEX USDT-margined Perpetual trading feature supports both cross-position and isolated positions at the same time. Users can switch between cross-position mode or isolated-position mode for trading, and it won’t affect the existing positions,”MDX explained.
Additionally, the exchange has both cross margin and isolated margin mode and the users who hold MDX get a discount of over 10% on trading fees as well.