DeXe Surges 36%, Trading Volume Rockets Amid Whale Buying Spree

DeXe's price surged 36% in recent trading, reaching one of the most impressive gains among top 150 cryptocurrencies by market capitalization.

The surge was accompanied by a significant increase in trading volume, which grew by 1,460% to $238 million, according to CoinMarketCap. This suggests that a growing wave of buyers is entering the market and investors are bullish as they actively acquire more of the asset.

One key factor behind DeXe's rally was an increase in token holder count, which grew by 120, marking one of the largest single-day increases. Data shows that this surge can be linked to whales, groups of investors holding a high level of capital and liquidity, giving them potential to influence market movements.

Perpetual market activity has also played a role in DeXe's rally, with a significant portion of capital flowing into the asset through the derivatives market. The perpetual market capital has reached roughly $29 million, while the open interest-weighted funding rate currently sits at 0.0054%, according to CoinGlass.

Bullish sentiment is growing across exchanges, with high buying volume on platforms such as Binance and OKX. Market sentiment gauges the overall outlook based on market expectations, which currently stands at 5.7 on the chart.