DYDX -91.73% in 24 Hours Amid Sharp Downtrend

On SEP 1 2025, DYDX dropped by 91.73% within 24 hours to reach $0.6036, representing a dramatic fall in value. Over the past 7 days, the token has seen a cumulative drop of 300.41%, while over the past month, it has declined by 91.73%. Looking at the broader horizon, DYDX has fallen by 5869.14% in the last year, marking one of the steepest declines in the cryptocurrency market.

The sharp decline in DYDX’s price has triggered renewed scrutiny of its market fundamentals and underlying technology. The token, which once served as the native governance asset of the dYdX decentralized exchange, has seen declining on-chain activity and a shift in user preference toward newer DeFi platforms. Recent updates to the dYdX platform have failed to generate significant traction among investors or traders, contributing to the bearish trend in the token’s price. Liquidity has also been reported to be sparse in key trading pairs, exacerbating the downward pressure.

Technical indicators for DYDX are currently bearish. The token remains below both its 50-day and 200-day moving averages, with the Relative Strength Index (RSI) hovering below 30—indicating oversold conditions. However, given the magnitude of the recent drop, a continuation of the downtrend is still likely unless a strong reversal pattern emerges.

Backtest Hypothesis

Efforts to evaluate DYDX’s historical volatility using backtesting methods have encountered technical limitations. A proposed strategy aimed to identify all instances of a one-day price drop of at least 91.73% between January 1, 2022, and the current date. However, the data-retrieval system has failed to recognize DYDX trading symbols (e.g., DYDX-USD, DYDXUSDT), preventing the automated identification of such events. Without access to the precise historical data, the backtest cannot be completed automatically.

Two potential solutions exist. First, if the specific date or dates of a 91.73% or larger one-day drop in DYDX are known, an event-based backtest can be initiated immediately. Second, the criteria for the backtest could be adjusted—either by lowering the percentage threshold or by sourcing data from an alternative platform that supports DYDX. A lower threshold would increase the frequency of testable events, improving the robustness of the analysis.