Investor enthusiasm soars as IDEX experiences a remarkable 33% surge
IDEX, the token native to the decentralized exchange (DEX) and market-making protocol of the same name, has experienced a significant surge in investor interest, resulting in a 33% increase in value over the past 24 hours.
Typically used for gas fees and liquidity provision on the Idex exchange, the crypto asset had been in a bearish trend for the past two weeks, dropping 30% from $0.0920 on March 13 to a low of $0.0642 on March 20, mirroring the broader market decline.
However, following this price slump, the token quickly rebounded and has now reached a 10-month high. The positive momentum for IDEX began over the weekend when it spiked to a high of $0.0904 on March 23, only to experience resistance and retrace.
The bullish momentum continued into the next day, pushing the price up to $0.1191 on March 23, surpassing the psychological price threshold of $0.1 for the first time since May 2023. IDEX closed March 23 with an impressive gain of 48.24%, marking its largest intraday gain in 23 months.
Although there was a 4.48% decline this morning, the asset has managed to retain most of its gains from the weekend. Market data shows that IDEX is up 33% in the last 24 hours, making it one of the top-performing crypto assets during this period.
The exact cause of this surge is unclear, but it is believed to be driven by increasing demand following a rise in interest. In the past 24 hours, IDEX’s trading volume has spiked by 636% to reach $171.9 million, with Binance accounting for 66% of the global volume.
Google Trends data also indicates a significant increase in searches for IDEX since March 23, with the interest over time rising from 23 to 92 as of 14:00 UTC on March 24. While the interest has decreased since then, it remains higher compared to the seven-day average.
Furthermore, IDEX’s derivatives volume has seen a staggering 1,364% increase in the last 24 hours, reaching $784.53 million, with Open Interest (OI) rising by 508% to $35.67 million, according to Coinglass data. Currently trading at $0.1111, the asset is aiming to hold above the $0.11 territory despite the prevailing bearish market conditions.
