DeXe (DEXE) has recorded a significant increase in on-chain activity as the protocol continues to rank among the strongest performing large-cap cryptocurrency assets in recent months.
According to data shared by Santiment, DEXE recorded 18 whale transactions worth more than $100,000 and 298 active addresses, an all-time high. The network also added 86 new wallets, the strongest wallet growth in seven months.
Dixie is in the spotlight
The uptick in activity has come alongside a strong market performance for DEXE, whose market capitalization has risen more than 600% over the past four months. Santiment attributed Moving on to increased interest in DeXe’s DAO governance infrastructure, increased speculation about wider adoption of the protocol, as well as increased spot accretion as more tokens move off exchanges.
The latest on-chain data appears to support the price rise rather than respond to it, the analytics firm said. New wallets are entering the network at the fastest pace seen in months, while active participation and whale transactions have reached record levels.
This combination of increased user activity, network growth and large transactions may indicate real participation within the ecosystem rather than purely speculative trading, Santiment added, as investors continue to evaluate whether DeXe’s expanding governance ecosystem can maintain its current momentum.
DEXE beats Bitcoin
DEXE was trading near $23.5 at the time of writing, up nearly 36% this month. One factor that may have helped drive the rally is support from MEXC. Recently crypto exchange He added The token entered the futures market and allowed traders to access leverage of up to 50x. In the past 24 hours alone, it has risen by 4%.
The recent gains came despite widespread market selling. Bitcoin briefly He falls to $59,000, its lowest level since early June, before recovering to around $61,700 by Thursday morning.
Meanwhile, a CryptoQuant analyst with the alias CW He said DEXE continues to test the “last major sell wall”. A break above this resistance area will likely coincide with DEXE recording a new all-time high. CW also added that once the token passes this final barrier, there will be little overall resistance, which could allow the rally to continue without significant selling pressure.
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