DYM token surges 30% following Crypto.com listing announcement

Crypto.com recently announced the listing of Dymension (DYM), a modular blockchain token, stirring interest within the crypto community.

The listing on Crypto.com makes DYM accessible to a wider audience, as the exchange supports purchases with over 20 fiat currencies. The move is expected to increase the tokens trading volume and visibility in the market.

Dymension ($DYM) is now listed in the https://t.co/A7lhUEyoao Exchange!

????Trade DYM easily with USD

Sign up to the Exchange ???? https://t.co/GBTPzwV3F0

— Crypto.com Institutional (@Cryptocom_Insto) February 9, 2024

The latest development follows Dymensions significant price surge, where its value increased by 100% in just two days, with a notable 30% jump occurring after the listing news.

At the time of reporting, DYM was trading at $7.82, reflecting the markets positive reaction to its mainnet launch and a substantial airdrop event.

DYM 24-hour price chart | Source: CoinMarketCap

Dymension operates as a decentralized Layer-1 blockchain built on the Cosmos SDK, facilitating the quick deployment of application-specific blockchains, or RollApps. These RollApps are designed to offer enhanced security, interoperability, and liquidity.

The DYM token plays a crucial role in this ecosystem, allowing for the payment of transaction fees and enabling token holders to participate in governance decisions through voting.

The platform gained early credibility through a $390 million DYM airdrop to over 528,000 wallets, immediately catching the attention of the developer community. Despite initial technical issues, Dymensions valuation quickly reached $5.2 billion, suggesting strong market interest and optimism about its future.

You might also like: Dymension sees 55% surge within hours of mainnet debut

In addition to Crypto.com, DYM has been listed on other leading cryptocurrency exchanges, such as KuCoin, Kraken, and Binance, offering various trading pairs, including DYM/USDT. These listings have significantly contributed to the tokens trading volume and overall market presence, further enhancing its visibility and appeal to investors.

Dymensions strategic initiatives extend to ongoing airdrops and partnerships, such as with the Pyth Network for a DYM/USD price feed, aiming to increase price visibility and transparency across multiple chains.

The token quickly ascended to the 59th position among cryptocurrencies, surpassing notable tokens like HNT from the Helium network and Fantom‘s FTM. Its unique value proposition, particularly its ability to enable developers to create their own application chains using Cosmos Interchain technology, has captured the developer community’s attention.

Analyst onedigitnumber.eth expressed optimism about DYM‘s growth potential, suggesting a target price range of $10-$12, which could approximate half of Cosmos’s market capitalization. In a strong bull market, the analyst anticipates prices could soar to $40-60, driven by heightened enthusiasm, utilization, and further airdrop opportunities.

$DYM to approximately $10-$12 is very do-able. That would be around half of the mkt cap of Cosmos. It has more hype right now than Cosmos, more potential use case, and potentially even better #airdrops.

In a raging bull my rough target as of now is anywhere from $40-$60.

— onedigitnumber.eth (@onedigitnumbers) February 8, 2024

Meanwhile, Crypto.com has expanded its trading offerings with the introduction of Strike Options, a derivatives trading feature allowing U.S. users to speculate on crypto price movements. This addition aims to provide users with more trading options and enhance their overall experience on the platform.

Read more: Crypto.com gets license in Dubai for certain crypto activities