DeepBook is currently one of the top performing cryptos of October, days after experiencing a significant jump this month from its lowest level. In fact, DeepBook apparently ranks up as one of the major players of the Sui blockchain.

But what is driving this coin’s demand through the roof? Or better yet, what is DeepBook and how can your average trader leverage from this crypto? Well, let’s find out! In this article, we’ll take a deep dive into the reason why DeepBook has performed so well and the best place to purchase this crypto. That said, let’s get started.

What is DeepBook (DeepToken)?

Simply put, DeepBook is the first native order book for the Sui blockchain, providing decentralized liquidity services through an advanced on-chain architecture. Developed with the support of community contributors, including Mysten Labs, DeepBook’s CLOB architecture handles all aspects of trading, from order routing to settlement, fully on-chain.

More specifically, DeepBook offers a digital platform that provides high throughput, higher levels of liquidity, transparent trading and above all, low latency. This combination makes DeepBook one of the foundational infrastructure projects within the growing Sui DeFi ecosystem, positioning it as a key player among decentralized exchanges (DEXs).

Price Action of DEEP on CoinEx

The price action of DeepBook's DEEP token has seen significant volatility over the last 24 hours, as shown in the chart. After reaching a peak of $0.03615, DEEP has retraced sharply to $0.02703, reflecting a 23.21% decrease. This decline suggests a classic post-airdrop selloff, where early recipients of the token may be taking profits, leading to increased selling pressure.

From a technical standpoint, the price formed a short-term peak around midday, followed by a consistent downtrend as selling momentum increased. The lack of major price support levels in this range, coupled with the steady decrease in volume, suggests that buyers were unable to sustain the initial rally, leading to this sharp decline. The price may be approaching a psychological support level of around $0.027, which could trigger some buying interest if market sentiment improves.

The decline is likely driven by a combination of factors. First, early adopters may be offloading their DEEP tokens, causing a temporary oversupply in the market. Additionally, concerns about token dilution, as DeepBook has a maximum supply of 10 billion DEEP tokens with only 2.5 billion initially circulating, could be weighing on investor sentiment. The impending release of more tokens over the next few years increases the risk of downward pressure on the token’s price.

Despite this short-term drop, DEEP’s integration with the Sui blockchain and its role as a native wholesale liquidity layer for decentralized finance (DeFi) provides a solid fundamental foundation. If market conditions stabilize and DeepBook continues to grow within the Sui ecosystem, the token could see renewed buying interest, especially after being listed on major exchanges such as CoinEx.

Name: DEEP
Official link: https://deepbook.tech/
Explorer: https://suiscan.xyz/mainnet/coin/0xdeeb7a4662eec9f2f3def03fb937a663dddaa2e215b8078a284d026b7946c270::deep::DEEP/txs
Total supply: 10,000,000,000 DEEP
Contract address: 0xdeeb7a4662eec9f2f3def03fb937a663dddaa2e215b8078a284d026b7946c270
Discord: https://discord.com/invite/deepbook
Twitter: https://x.com/DeepBookonSui
Supported CEX: CoinEx, Bybit, KuCoin
Supported DEX: Cetus, Turbo Finance

*This article does not constitute investment advice.

DeepBook (DEEP): All You Need To Know About DeepBook