Large crypto investors are leading the direction this time around, with a major shift being observed in Dogecoin. After recording a historic high after the US elections, the trend is shifting, with experts predicting a rise in utility tokens during this cycle. The hybrid trading platform DTX Exchange is under the spotlight due to the massive demand it will face during its pre-launch stage.
Early DTX Holders Celebrate Massive Presale Demand
Since its launch in August, DTX Exchange has become one of the fastest-growing ICOs in the crypto world. The DeFi trading platform introduced unified trading of stocks, cryptos, and forex assets under a single umbrella and has seen over 150,000 users join in the past few months.
In recent developments, the DTX Exchange has crossed $8 million in its prelaunch stage at the price of $0.10 for DTX tokens. Key factors behind this unprecedented retail demand have been the feature-packed rollout of the platform even before its listing on any leading CEX exchange. These include the Phoenix Wallet application and the Vulcan X testnet, which is expected to be the backbone of the future of decentralized finance.
In the coming few months, DTX holders are excited about live trading, airdrops, and listing on centralized exchanges. According to presale figures, early participants in the presale are already up over 300% on their entry, and this number is expected to balloon as DTX Exchange becomes a bigger name in the global fintrade sector.
Dogecoin Whales Taking Profit as Utility Coins Take Spotlight
The initial phases of every crypto cycle are dominated by the rise of memecoins. DOGE has been under the spotlight this cycle, with the Dogecoin price rising over 400% within a week of the US elections. The meme-inspired coin surged sharply from $0.11 to $0.42 before entering a local correction.
Source: CoinGecko
Experts think that the sharp rise in Dogecoin price triggered a profit-taking cycle by larger whales. This has resulted in an intraday correction of over 2%, with volumes dropping down to $7 Billion. In the short-term landscape, attention is now shifted towards utility coins like DTX Exchange that could be set to repeat this rally and pump significantly.
Another promising reason behind the sharp volatility in Dogecoin price is the Department of Government Efficiency (D.O.G.E) created by the US government. This accountability initiative has adopted the Dogecoin logo and is backed by prominent advocate Elon Musk, signaling further adoption for this memecoin. However, in the local charts, a shift to utility coins could be imminent.
Conclusion
While DOGE made history with a massive surge in Dogecoin price after US elections, utility coins seem to be next in line. A pump in BTC momentum could lead to massive exponential growth for projects like DTX Exchange. However, it is essential for traders to take positions in promising opportunities because the cycle could be entering its most violent upside phase in the coming weeks.
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