DEXE prices hit record high, short liquidation volume broke record

DEXE hits a record high, and short squeeze pushes up prices.

On July 10, 2026, DEXE hit a record high of US$36.34. At the most dramatic stage of the price surge, short liquidations accounted for 96% of all liquidations in DEXE. The token has risen by more than 750% since the beginning of the year. The total locked value of DeXe DAO climbed to $2.55 billion.

DEXE, the governance token of the DeXe protocol, hit a record high of US$36.34 on July 10, 2026, ending the week-the token rose 54.71% for the week, and its market value exceeded US$3 billion. There was no single announcement driving the rise. Highly crowded short positions, unusually thin exchange liquidity, and growing interest in DeXe governance tools (used in AI proxy projects) are working together at the same time. As of Saturday morning, the token was trading at approximately US$36.15, up 8.05% in 24 hours, but there were signs of early consolidation on the 4-hour chart.

Why did the bears finally take up the market at a high level?

The core mechanism of this trend occurs in the derivatives market. Traders had previously placed large short positions in DEXE on platforms such as Bybit, betting that the token's previous gains would be reversed. Positions became so one-sided that the funding rate (regular payments between long and short positions in perpetual contracts) was distorted, with an annualized negative interest rate approaching 200%. Shorts are actually paying a very high premium just to maintain their positions.

When spot prices begin to rise, bears are forced to buy and close positions to stop losses, and each wave of liquidation drives up the price, triggering the next wave of liquidation. At the height of the rally, short liquidations accounted for 96% of all liquidations in DEXE. Shorts actually funded the breakthrough.

Indicator: Value

Record high: US$36.34 (July 10, 2026)

Year-to-date performance: +750%

Change on 7:+54.71%

Market value: US$3.02 billion

Short clearing ratio: 96%

Total token:

How the supply of 96.5 million tokens amplifies every order

DEXE's supply structure provides ideal conditions for this squeeze. The total supply of this token is only 96.5 million, and most of it is not in the exchange order book, but is locked in ecological allocation, pledge contracts and DAO vaults. DeXe's own dashboard shows that the total locked value of the 229 DAOs is US$2.55 billion, a recent increase of nearly 36%, and another US$609 million in the agreement is deposited in private funds.

The actual consequence is that trading liquidity is very thin. When most supply is unable to respond to price signals, even moderate buy orders on Binance or other platforms can cause large fluctuations in spot prices. Insufficient liquidity amplifies the impact in both directions.

The AI governance narrative behind the fundamentals

In addition to the mechanical squeeze, DEXE also captures one of the few narratives this cycle that still attracts new capital. The protocol positions itself as the governance layer of the Web3 AI agent infrastructure, providing an on-chain decision-making framework for autonomous agents and their creators. Its year-to-date increase of more than 750%, not only outperforms most altcoins, but also outperforms traditional AI beneficiaries such as Nvidia.

Part of the appeal comes from the product itself. DeXe provides a code-free toolkit for launching on-chain organization, managing vaults and configuring voting rules, which has earned it a reputation among cryptocurrency commentators on par with Shopify or Squarespace. 710 governance proposals have been created on the platform, and activity has accelerated sharply over the past day, indicating that usage is rising in line with prices, rather than lagging behind.

What the chart shows after the breakthrough

In a higher time frame, DEXE completed a weekly cup handle shape-the price first walks out of a long arc bottom, then pulls back slightly, and then breaks through the rise. The decisive move occurred after the consolidation of the US$22 -24 range, where the token consolidated at the end of June, before clearing resistance and accelerating towards the Fibonacci expansion target. The bull market flag on the daily chart (sharp gains followed by a brief pause similar to a narrowing triangle) provides a second confirmation for swing traders.

The 4-hour chart shows that prices are currently stable above all three major moving averages: the 50-cycle moving average is at $27.99, the 100-cycle moving average is at $25.25, and the 200-cycle moving average is at $21.88. The gap between the price and the moving average is itself a warning sign, as markets can rarely maintain such a large deviation for long periods of time without going through a correction phase.

Technical level: numerical value; interpretation of

Current price: US$36.15; slightly below the historical high

50-cycle SMA (4 hours): US$27.99; first dynamic support at the time of pullback

200-cycle SMA (4 hours): US$21.88; Long-term trend boundary

RSI (4 hours): 66.9; high, has fallen back from overbought peak

RSI (daily): close to 70; overbought threshold

RSI is the indicator most inconsistent with the bullish picture. A daily reading near 70 means that recent gains have been extremely aggressive relative to the token's own history, which has historically tended to signal a lateral cooling or deeper correction. This does not guarantee reversal, but eliminates tolerance space.

Where is the risk currently concentrated

The structure of this rally is its main weakness. The squeeze driven by forced liquidation-driven advances demand rather than naturally creates demand, and once trapped short positions are exhausted, the buying pressure that pushed prices to $36.34 disappears. If trading volume cools down from here, the same thin liquidity amplifies both the rise and the fall, while the mean-return correction for low-liquid tokens tends to be rapid and large, rather than gradual.

For traders watching the token, the more informative signals in the coming weeks will be funding rates and exchange inflows, rather than the price itself. The return to normalization of funding rates to neutral levels would signal an end to the squeeze, and any transfer of large tokens from DAO vaults or pledge contracts to exchanges would change the supply pattern that originally contributed to the rally.