DeXe (DEXE) has recorded a major increase in on-chain activity as the protocol continues to rank among the strongest-performing large-cap crypto assets in recent months.

According to data shared by Santiment, DEXE recorded 18 whale transactions worth over $100,000 and 298 active addresses, both all-time highs. The network also added 86 new wallets, which is its strongest wallet growth in seven months.

DEXE in the Spotlight

The surge in activity has come alongside a strong market performance for DEXE, whose market capitalization has risen more than 600% over the past four months. Santiment attributed the move to growing interest in DeXe’s DAO governance infrastructure, increasing speculation about broader protocol adoption, as well as rising spot accumulation as more tokens have reportedly moved off exchanges.

The analytics firm said that the latest on-chain data appears to be supporting the price rally rather than reacting to it. New wallets are entering the network at the fastest pace seen in months, while active participation and whale transactions have both reached record levels.

This combination of rising user activity, network growth, and large transactions may indicate genuine engagement within the ecosystem instead of purely speculative trading, as investors continue to assess whether DeXe’s expanding governance ecosystem can maintain its current momentum, Santiment added.

DEXE Outperforms Bitcoin

DEXE was trading near $23.5 at the time of writing, up nearly 36% this month. One factor that may have helped drive the rally was support from MEXC. The crypto exchange recently added the token to its futures market and allowed traders access to leverage of up to 50x. Over the past 24 hours alone, it rose by 4%.

The latest gains came despite a broader market sell-off. Bitcoin briefly fell to $59,000, which happens to be its lowest level since early June, before recovering to around $61,700 by Thursday morning.

Meanwhile, pseudonymous CryptoQuant analyst CW said that DEXE continues to test its “final major sell wall.” A breakout above this resistance zone would likely coincide with DEXE setting a new all-time high. CW also added that once the token clears this final barrier, there would be little overhead resistance left, which would potentially allow the rally to continue without significant selling pressure.

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