DTX Exchange is creating a buzz in the DeFi space by launching a new non-custodial solution in the form of Phoenix wallets. The wallets allow traders to hold stocks, cryptos, and forex assets on-chain without requiring the management of centralized institutions. The DTX community is abuzz with excitement for this new feature.
Investors who are baffled by the price actions of DOGE and Injective (INJ) are seen jumping to DTX amid the launch. Dogecoin price has been on an uptrend in the current session while Injective (INJ) is seen struggling. Investors find solace in DTX’s rapid ascent while these two altcoins show unpredictability.
Dogecoin Price Gains Momentum: DOGE Ruled By Bulls
Dogecoin price has gained momentum through its association with Elon Musk and Donald Trump. After Musk’s appearance at a Trump rally in New York, Dogecoin price shot up 10%, reaching $0.157 and becoming the day’s biggest crypto gainer among the top 100 coins.
Musk, who is known for his long-time advocacy of DOGE, introduced a proposal for a “Department of Government Efficiency”—conveniently abbreviated as D.O.G.E.—positioning DOGE as a playful, symbolic mascot for Trump’s campaign promise to cut government spending.
Musk’s influence on Dogecoin price is well-documented, particularly during the 2021 bull run when he regularly referenced the meme coin on Twitter (now X). His recent tweet featuring a meme of himself with a DOGE avatar added fuel to the fire, energizing Dogecoin’s investor base.
Paul Howard, a senior director at crypto trading firm Wincent, noted in a message to followers, “DOGE is now closely tied to the U.S. presidential outcome due to Musk’s endorsement and his presence at Trump’s rallies.” Thus, the recent uptick in Dogecoin price of over 5% intraday increase is an outcome of the bullish momentum surrounding DOGE.
Injective (INJ) Slumps Down To $16.15 Mark
The current session sees a massive blood bath on the daily chart of Injective (INJ) with the altcoin plummeting by over 3% within a day. Injective (INJ) started the day with a trading price of $17.44, but it later went down to a low of $16.15.
Market analysts are worried about the bearish takeover of the Injective (INJ) coin as the token continues to trend down. Though the bulls were successful in pulling the Injective (INJ) token up again to the current trading price, the tussle between the bulls and the bears is eminent by the constant domination of red candles on the daily chart.
The 24-hour trading volume of the Injective (INJ) token is also down by 2.91%. Despite the bulls’ efforts to pull the price up again, the bears have complete domination over the Injective (INJ) price, with the token trading down by 10.04% from its previous week’s price.
The Injective (INJ) investors are thus rushing to the DTX token as the emerging hybrid token remains undefeatable in the DeFi space.
DTX Exchange (DTX) Facilitates Secure Assets Custody With Phoenix Wallets
DTX Exchange (DTX) is expanding the scope of cross-asset trading by enabling individual traders to purchase and sell forex, stocks, cryptocurrency, and exchange-traded funds (ETFs) on the same platform. Experts believe that DTX Exchange has the potential to be a revolutionary solution based on this technological architecture.
The Phoenix Wallet is the most recent addition to the disruptive DTX ecosystem. Without needing to manage centralized institutions, traders will be able to keep stocks, cryptocurrency, and forex assets on-chain thanks to this non-custodial approach. It is anticipated that the wallet’s initial version will support cryptocurrency assets, and subsequent versions will probably add support for additional classes.
At the core of the products is the VulcanX blockchain, a Dedicated Proof of Stake (DPoS) blockchain supporting conventional and crypto assets. The platform has already launched the testnet with the mainnet expected to launch in early 2025.
With such a disruptive suite of products, the DTX Exchange team decided to switch away from the traditional Venture Capital route and opt for a democratized presale model to raise funds. The results have been a revolutionary fundraising output, with over $6.6 million already raised from 120,000 investors.
Key Takeaways
- Dogecoin price gains strength amid Musk’s support for DOGE.
- Injective (INJ) plummets in the current session, bleeding on the daily charts.
- DTX Exchange (DTX) has grabbed over $6.6 million amid the Phoenix wallet launch.
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