dgtx

DGTX Storms Up 167%; Aiming Higher with Public Launch

Digitex Futures
• Ali Martinez
July 20, 2020

After nearly eight months of an operational testnet, and almost three months of mainnet trading, we’re seeing trading volumes on Digitex Futures Exchange exceed $250 million on a daily basis. With an engaged user base, liquid markets, and a robust matching engine, DFE is ready to open its doors to the general public on July 31, 2020. 

As the launch date approaches, we’ve seen a significant number of investors rush to exchanges to get a piece of DGTX’s price action. The increased buying pressure has been significant enough that it pushed its price up by nearly 167% since the beginning of the month. DGTX went from trading at a low of $0.043 in July to hit a new yearly high of $0.116 over the last weekend.

DGTX US dollar price chart

Although some investors seem to have taken advantage of the price action to realize some profits, different on-chain metrics suggest that DGTX is poised for further gains.

DGTX’s Fundamentals Look Stronger Than Ever

After going on a tear over the last month, DGTX has made it to the weekend headlines, featuring as one of Cointelegraph’s “Cryptocurrencies to Watch.” As mentioned in a previous blog post, the only thing needed for the DGTX price to explode was to turn the $0.066 multi-year resistance level into support. Now that this has been achieved, there is plenty of room to go up.

Data from IntoTheBlock reveals that the number of addresses holding a balance in DGTX is increasing steadily. More and more market participants appear to be adding this altcoin to their portfolios. The constant growth in demand recently saw the total number of addresses with a balance in DGTX hit a new all-time high of 13,640.

Total Addresses With Balance in DGTX
Source: IntoTheBlock

As a result, DGTX is becoming more widely distributed over time. A better supply distribution can be perceived as a positive sign. It demonstrates the true utility of the token and is a signal of increasing interest among investors. Furthermore, Digitex has always been opposed to the idea of whales dominating DGTX token ownership, due to the potentially destabilizing effect it can have if a whale decides to dump their tokens.

The percentage of addresses with balances of 0.1% to 1% of the circulating supply, defined as “Investors” by IntoTheBlock, is currently hovering around 27.5%. Meanwhile, “retail” addresses holding less than 0.1% of the circulating supply is at nearly 43%.

The increasing distribution of DGTX tokens could be correlated to the recent expansion into a broader market. Indeed, KuCoin, a global cryptocurrency exchange, added support for DGTX to its retail platform earlier in July. The listing put DGTX in front of KuCoin’s five million-strong user base, spread over 200 countries.

DGTX Distribution Chart

One of the most basic economic laws, which is the law of demand, explains that the higher the demand for a particular asset, the higher its price. Therefore, a further increase in interest among market participants in DGTX would likely result in new higher highs.

But first, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that there is an important supply barrier that DGTX must overcome to resume the ongoing bull rally. Based on the IOMAP cohorts, nearly 140 addresses had previously purchased 4.90 million DGTX at an average price of $0.105.

Such a significant supply barrier may have the ability to hold in the event of another upswing as holders within this range will look for bigger gains from their long positions.

DGTX Faces Strong Resistance Ahead

It is worth mentioning that out of all DGTX addresses, more than 60% are “In the Money.” These figures indicate that the investor base is confident about upwards price action in the future.

With all of this in mind, it is time for you to sign up for a testnet account, that will automatically convert to a mainnet account on launch day. We will also host an all-day trading event on July 31 with giveaways of up to $250,000 worth of DGTX tokens. So mark your calendars and clear your schedules, as zero-fee trading is about to be released upon the world.

July 20, 2020
Digitex Futures

DGTX Storms Up 167%; Aiming Higher with Public Launch

Ali Martinez
dgtx

After nearly eight months of an operational testnet, and almost three months of mainnet trading, we’re seeing trading volumes on Digitex Futures Exchange exceed $250 million on a daily basis. With an engaged user base, liquid markets, and a robust matching engine, DFE is ready to open its doors to the general public on July 31, 2020. 

As the launch date approaches, we’ve seen a significant number of investors rush to exchanges to get a piece of DGTX’s price action. The increased buying pressure has been significant enough that it pushed its price up by nearly 167% since the beginning of the month. DGTX went from trading at a low of $0.043 in July to hit a new yearly high of $0.116 over the last weekend.

DGTX US dollar price chart

Although some investors seem to have taken advantage of the price action to realize some profits, different on-chain metrics suggest that DGTX is poised for further gains.

DGTX’s Fundamentals Look Stronger Than Ever

After going on a tear over the last month, DGTX has made it to the weekend headlines, featuring as one of Cointelegraph’s “Cryptocurrencies to Watch.” As mentioned in a previous blog post, the only thing needed for the DGTX price to explode was to turn the $0.066 multi-year resistance level into support. Now that this has been achieved, there is plenty of room to go up.

Data from IntoTheBlock reveals that the number of addresses holding a balance in DGTX is increasing steadily. More and more market participants appear to be adding this altcoin to their portfolios. The constant growth in demand recently saw the total number of addresses with a balance in DGTX hit a new all-time high of 13,640.

Total Addresses With Balance in DGTX
Source: IntoTheBlock

As a result, DGTX is becoming more widely distributed over time. A better supply distribution can be perceived as a positive sign. It demonstrates the true utility of the token and is a signal of increasing interest among investors. Furthermore, Digitex has always been opposed to the idea of whales dominating DGTX token ownership, due to the potentially destabilizing effect it can have if a whale decides to dump their tokens.

The percentage of addresses with balances of 0.1% to 1% of the circulating supply, defined as “Investors” by IntoTheBlock, is currently hovering around 27.5%. Meanwhile, “retail” addresses holding less than 0.1% of the circulating supply is at nearly 43%.

The increasing distribution of DGTX tokens could be correlated to the recent expansion into a broader market. Indeed, KuCoin, a global cryptocurrency exchange, added support for DGTX to its retail platform earlier in July. The listing put DGTX in front of KuCoin’s five million-strong user base, spread over 200 countries.

DGTX Distribution Chart

One of the most basic economic laws, which is the law of demand, explains that the higher the demand for a particular asset, the higher its price. Therefore, a further increase in interest among market participants in DGTX would likely result in new higher highs.

But first, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that there is an important supply barrier that DGTX must overcome to resume the ongoing bull rally. Based on the IOMAP cohorts, nearly 140 addresses had previously purchased 4.90 million DGTX at an average price of $0.105.

Such a significant supply barrier may have the ability to hold in the event of another upswing as holders within this range will look for bigger gains from their long positions.

DGTX Faces Strong Resistance Ahead

It is worth mentioning that out of all DGTX addresses, more than 60% are “In the Money.” These figures indicate that the investor base is confident about upwards price action in the future.

With all of this in mind, it is time for you to sign up for a testnet account, that will automatically convert to a mainnet account on launch day. We will also host an all-day trading event on July 31 with giveaways of up to $250,000 worth of DGTX tokens. So mark your calendars and clear your schedules, as zero-fee trading is about to be released upon the world.

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