Why Is IDEX Token Up 150% Today?

Idex IDEX/USD saw its token skyrocket today. Idex is a hybrid liquidity decentralized exchange combining an order book model with an automated market maker.

What Happened: CoinMarketCap data shows the Idex token's price increase by more than 151% from its 24-hour low of $0.1178 to a high of $0.2961, before settling at $0.2635 as of press time Wednesday. While this is an impressive price increase, even at today's peak the token's price is a far cry from its September 2021 value of $0.6898.

See Also: DECENTRALIZED EXCHANGES

While it is hard to determine any causal relation and exclude just temporal coincidence, it does appear the team operating the decentralized exchange made an announcement just as its token's price started rising: On Tuesday the Idex official Twitter profile announced that it would list Synapse Protocol's SYN/USD token against Ethereum ETH/USD in a trading pair.

Photo by John Schnobrich on Unsplash