DEXE Defies Market Crisis with Record Whale Trades and User Growth

DEXE hit record whale activity and active addresses as its market capitalization jumped 600% in four months despite market weakness.

DeXe (DEXE) has seen a major increase in on-chain activity as the protocol continues to rank among the best-performing large-cap crypto assets in recent months.

According to data shared by Santiment, DEXE recorded 18 whale transactions worth over $100,000 and 298 active addresses, both all-time highs. The network also added 86 new wallets, representing its largest wallet growth in seven months.

DEXE in the spotlight

This surge in activity has been accompanied by strong stock performance for DEXE, whose market capitalization has increased by more than 600% over the past four months. Santiment attributed the move to growing interest in DeXe’s DAO governance infrastructure, increased speculation about wider adoption of the protocol, as well as growing token accumulation as more tokens reportedly leave exchanges.

The analytics firm said the latest on-chain data appears to support the price rise rather than react to it. New wallets are entering the network at the fastest pace in months, while active participation and whale transactions have both reached record levels.

This combination of increasing user activity, network growth and large transactions may indicate true engagement within the ecosystem rather than purely speculative trading, as investors continue to evaluate whether DeXe’s expanding governance ecosystem can maintain its current momentum, Santiment added.

DEXE outperforms Bitcoin

DEXE was trading near $23.5 at the time of writing, up nearly 36% this month. One factor that may have contributed to the rise was support from the MEXC. The crypto exchange recently added the token to its futures market and gave traders access to up to 50x leverage. In the last 24 hours alone, it has increased by 4%.

The latest gains came despite a broader market sell-off. Bitcoin briefly fell to $59,000, which happens to be its lowest level since early June, before climbing back to around $61,700 on Thursday morning.

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Meanwhile, pseudonymous CryptoQuant analyst CW said DEXE continues to test its “major final sell wall.” A break above this resistance zone would likely coincide with DEXE setting a new all-time high. CW also added that once the token breaks this final barrier, there will be little overhead resistance remaining, potentially allowing the rally to continue without significant selling pressure.