Is it worth buying MDX at the $2 level?

MDEX is an automated market maker. It works through dual mining mechanisms and even offers decentralized autonomous organization (DAO). Alongside this, users also get reward incentives, and it can even be used as a fundraising platform and offers cheap and fast Txs. 

It is essentially based on the concept of pools, where MDEX BSC combines the advantages of the low transaction fees on the Binance Smart Chain and the Ethereum ecosystem. You can participate in the mining mechanism of liquidity mining as well as trade mining.

With all of that in mind, let’s take a deeper dive into Mdex and see if it is worth buying today.

MDEX offers you features such as Swap, Pool, and Trading, where for every trade on MDEX, you can receive the governance token MDX as a reward. Furthermore, you can also stake your LP tokens or single token into MDEX to earn MDX rewards.

MDEX will also transfer the corresponding population of daily platform income into the fund pool to be repurchased, where users have the opportunity to receive HMDX or MDX through staking MDX/HMDX LP, MDX/WBNB LP, and MDX. 

How Mdex Historically Performed

On February 22, MDX hit its all-time high of $9.57, when Huobi Global announced that it would host its AMA session on February 23rd. However, around March, its value dropped under $4 and stayed that way until April.

Since MDEX launched BSC trading mining on April 8, the DEX trading data increased and so did its value.

MDEX’s BSC liquidity mining also launched on that same day. Here, MDX had a value of $4.20, which made it almost twice more valuable than it is today.

On June 9, Mdex announced their collaboration with Injective Labs, which are the creators behind the Injective Protocol that allows you to access limitless DeFi markets with no barriers. After this announcement, you could earn $MDX by staking INJ-BUSD LP tokens on MDEX’s BSC network.

On June 10, Binance announced that you can earn 30% APY on MDX with Binance savings. Mdex also issued an update telling us that they will optimize the “Burning Black Hole” campaign & reschedule the launch of dual mining on Boardroom.

This means that there is development within the entire Mdex ecosystem and as such, more projects are being added to the Mdex network. This might lead to a higher interest in its MDX token due to the fact that it is required for both governance and given out as a reward. 

Could this potentially lead to an increase in value, and is today the right time to buy MDX? Let’s find out.

What is a good price to buy MDX?

On June 10, MDX traded at $2.12. The last time we saw MDX go over $3 was on May 12.

Historically, it has flown between $3 and $4. This means that at $2.12, it might be a worthwhile investment, especially when you take into consideration the increased interest in Mdex as a whole, as well as the recent Binance 30% yield announcement.

Users and investors at Binance might show a lot of interest in MDX, making the price go up, as a result. While never certain, it is reasonable to assume the $2 level represents a support level that should hold based on historical trading patterns and favorable recent developments.

The post Is it worth buying MDX at the $2 level? appeared first on Invezz.

Publication date: 
06/10/2021 - 17:46

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.