IDEX surges 33%, investors interest skyrockets

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IDEX, the native token of the hybrid decentralized change (DEX) and market-making protocol of the identical identify, has elevated 33% over the previous 24 hours because it data a surge in investor curiosity.

The crypto asset, typically leveraged for fuel charges and liquidity provision on the Idex change, had witnessed a usually bearish development over the previous two weeks, dropping 30% from $0.0920 on March 13 to a low of $0.0642 on March 20 because the broader market fell.

IDEX surges 33%, investors interest skyrockets - 1
IDEX worth – March 25 | Supply: CoinMarketCap

Nevertheless, this worth droop instantly preceded a restoration push that has now seen the token reclaim a 10-month-high. IDEX noticed the beginning of its good fortunes over the weekend, spiking to a excessive of $0.0904 on March 23 earlier than retracing on the again of stern resistance.

The asset’s bullish momentum prolonged to the following day, permitting it to surge to $0.1191 on March 23, because it breached the $0.1 psychological worth threshold for the primary time since Could 2023. IDEX closed March 23 with a formidable 48.24% acquire, marking its largest intraday acquire in 23 months.

Regardless of a subsequent 4.48% decline this morning, the asset has retained a lot of the beneficial properties recorded over the weekend. Market information signifies IDEX is up 33% within the final 24 hours, making it one of many top-performing crypto property inside this era.

Notably, particulars are scant on the doable set off of the latest surge, however information suggests it could stem from rising demand following an increase in curiosity. IDEX’s volume has spiked 636% to $171.9 million over the previous 24 hours, with Binance commanding 66% of the worldwide quantity.

Google Traits information additionally signifies that searches for IDEX have skyrocketed since March 23, with curiosity over time rising from 23 to 92 as of 14:00 UTC on March 24. Curiosity has dropped since then, however stays pretty larger in comparison with the seven-day common.

Considerably, IDEX’s derivatives quantity has additionally increased by 1,364% within the final 24 hours to $784.53 million on the reporting time, with Open Curiosity (OI) rising 508% to $35.67 million, in keeping with Coinglass information. The asset at the moment trades for $0.1111, trying to maintain above the $0.11 territory regardless of the prevailing bearish motion.

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