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cointelegraph.com Mar 24, 2025 12:06

DYDX shoots up 10% as buybacks get a quarter of protocol revenue - Decentralized finance (DeFi) trading platform dYdX announced its first-ever token buyback program on March 24, aiming to reinvest in its ecosystem to enhance security and governance.According to the announcement, 25% of the protocol’s net fees will be dedicated to monthly buybacks of its native dYdY (DYDX) token on the open market.Following the announcement, DYDX surged over 10% and was trading at approximately $0.731 at the time of writing, according to CoinGecko. The token has gained more than 21% over the past two weeks.DYDX spikes on buyback news. Source: CoinGeckoRelated: dYdX explores sale of derivatives trading armNew dYdX distribution model Previously, dYdX distributed 100% of its platform revenue to ecosystem participants. Under the new allocation model, 25% will be used for token buybacks, another 25% will fund its USDC liquidity provision program, MegaVault, 10% will be directed to its treasury, and the remaining 40% will continue as staking rewards.dYdX noted that the current allocation of 25% to token buybacks could increase, with ongoing community discussions potentially pushing this percentage to as high as 100% over time.Related: DeFi market stages a comeback as derivatives surgeThe platform currently holds a total value locked (TVL) of $279 million, according to DefiLlama. It generated $1.29 million in revenue from fees in February and $1.09 million so far in March.Token buybacks get 25% of revenue, which has been dropping. Source: DefiLlama“DeFi festival” waits for summer to endThe DeFi industry commonly references the DeFi summer of 2020 as a benchmark, characterized by rapid user growth driven by yield farming and decentralized applications.In a recent interview with Cointelegraph, dYdX Foundation CEO Charles d’Haussy predicted that the next significant DeFi boom would occur shortly after summer, potentially beginning as early as September and lasting “months and months.”dYdX existed in mid-2020 primarily as a DeFi platform for spot trading, lending, borrowing, and margin trading. Its popularity popped in 2021 following the launch of its layer-2 perpetual futures exchange and the introduction of its native DYDX token.In its 2024 ecosystem report, dYdX projected that the decentralized derivatives market would expand to $3.48 trillion by 2025, up from $1.5 trillion in derivatives volume processed by decentralized exchanges (DEXs) in 2024.Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

FOMO: 85%
cointelegraph.com Mar 24, 2025 12:33

Bitcoin ‘more likely’ to hit $110K before $76.5K — Arthur Hayes - Bitcoin could reach a new all-time high of $110,000 before any significant retracement, according to some market analysts, who cite easing inflation and rising global liquidity as key factors supporting the price rally.Bitcoin (BTC) has been rising for two consecutive weeks, achieving a bullish weekly close just above $86,000 on March 23, TradingView data shows.Combined with fading inflation-related concerns, this may set the stage for Bitcoin’s rally to the $110,000 all-time high, according to Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom.BTC/USD, 1-week chart. Source: Cointelegraph/TradingViewHayes wrote in a March 24 X post:“I bet $BTC hits $110k before it retests $76.5k. Y? The Fed is going from QT to QE for treasuries. And tariffs don’t matter cause of “transitory inflation.” JAYPOW told me so.”Source: Arthur Hayes“What I mean is that the price is more likely to hit $110k than $76.5k next. If we hit $110k, then it’s yachtzee time and we ain’t looking back until $250k,” Hayes added in a follow-up X post.Quantitative tightening (QT) is when the US Federal Reserve shrinks its balance sheet by selling bonds or letting them mature without reinvesting proceeds, while quantitative easing (QE) means that the Fed is buying bonds and pumping money into the economy to lower interest rates and encourage spending during difficult financial conditions.Other analysts pointed out that while the Fed has slowed QT, it has not yet fully pivoted to easing.“QT is not “basically over” on April 1st. They still have $35B/mo coming off from mortgage backed securities. They just slowed QT from $60B/mo to $40B/mo,” according to Benjamin Cowen, founder and CEO of IntoTheCryptoVerse.Related: Bitcoin may recover to $90K amid easing inflation concerns after FOMC meetingMeanwhile, market participants await the Fed’s expected pivot to quantitative easing, which has historically been positive for Bitcoin’s price.BTC/USD, 1-week chart, 2020–2021. Source: Cointelegraph/TradingViewThe last period of QE in 2020 led to a more than 1,000% surge in Bitcoin’s price, from around $6,000 in March 2020 to a then-record high of $69,000 in November 2021. Analysts believe a similar setup could be forming again.Related: Bitcoin reserve backlash signals unrealistic industry expectationsMacro conditions may support Bitcoin’s rally to $110,000Bitcoin’s recovery to above $85,000 after last week’s Federal Open Market Committee (FOMC) meeting was a bullish sign for investor sentiment that may signal more upside, according to Enmanuel Cardozo, market analyst at real-world asset (RWA) tokenization platform Brikken.The macroeconomic environment also “supports” a Bitcoin rally to $110,000, the analyst told Cointelegraph.“Global liquidity has risen, discussions around a US Bitcoin strategic reserve, potentially driving Bitcoin toward that $110,000 mark as BTC liquidity available in exchanges keeps dropping, leading to a supply squeeze scenario,” he said.“However, a correction to $76,500 aligns with Bitcoin’s historical volatility, often triggered by profit-taking or unexpected market shifts,” he added.Other analysts also see a high likelihood of Hayes’ prediction playing out.“Given Bitcoin’s recent close above the 21-day and 200-day moving averages, this bullish momentum aligns with his view. However, the $88K resistance remains a key hurdle,” Ryan Lee, chief analyst at Bitget Research, told Cointelegraph.Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8

FOMO: 90%