Elrond announced the launch of its decentralised exchange (DEX), Jungle DEX, in an announcement blog posted on July 1. This is “not just a product launch, but an open door to real, raw innovation,” claimed the scalable smart contract blockchain network.
Elrond Standard Digital Tokens (ESDT) could be listed and traded on Jungle DEX, which operates as an automated market maker (AMM).
The native coin of the network, EGLD, has been consolidating on the daily chart since since the DEX was launched.
The price of the EGLD has risen since the DEX launch as a result of a gradual increase in buying pressure. The price upticks between July 1 and July 7 brought EGLD to a high of £47.6.
But the bears promptly started a retracement that drove the coin further down. At press time, EGLD had an index price of £41.8. The price decreased by 10% on 24-hour window, according to data.
Despite a 17% increase in trading volume during the period, there was no corresponding rise in price, which at the time of writing indicated an increasing distribution of EGLD.
Since the launch of the DEX, the RSI has remained below the 50 neutral level on a daily chart.
The increasing selling led to a peak of 47.79 on July 9 and a negative trajectory for the RSI. It positioned at 40.55 at the time of writing.
The MFI has been spiralling downhill since the DEX’s launch, another sign of growing selling pressure. It fell to a low of 36 on July 8 after reaching 50.21 on July 1. It was 50.92 at press time.
The EGLD coin has not experienced a social media rally since the Jungle DEX’s launch. The coin’s social dominance has decreased by 33% over the reviewed time. In the same time frame, the social volume has also seen a fall of 80%.
On the other hand, the development activity increased by 0.5%. The release of the Elrond-go v.1.3.35.0 update, Elrond’s Dev Hub, and other ecosystem improvements during the period under consideration are responsible for this growth.