On July 14, the native token of the decentralized autonomous organization infrastructure protocol, Dexe, tumbled to $41.30, a nearly 10% drop in 24 hours. The decline halted a remarkable run that had seen the token nearly double its value since July 10, when it flash-crashed to $25.60. Dexe surged to an all-time high of $48.91 on July 13.

That run momentarily brought its weekly gains to more than 90% and lifted its market capitalization past $4.6 billion. However, following its Tuesday retreat, Dexe’s market cap dropped to just under $4 billion. Dexe’s rapid rally to a new all-time high, while the rest of the cryptocurrency economy saw red, has sparked debate and drawn comparisons to other digital assets that surged only to give up all their gains weeks later.

The latest of these digital assets is LAB. Following a massive exit liquidity event from LAB, a plunge of more than 90% on July 2 trimmed its market cap from more than $3 billion to under $300 million. LAB’s sell-off continued with July 14 losses alone exceeding 22%.

Following LAB’s collapse, Dexe’s correction marks a rocky start for the asset, even after a consecutive three-day climb that led retail investors to believe it was “going to the moon.” Analysts, however, are questioning whether the rally is sustainable. While Dexe’s circulating supply sits at 83.73 million out of a 96.5 million total supply, the project has not clarified its maximum supply—raising concerns among traders that the protocol could mint or introduce more tokens into the market later.

Unlike LAB’s initial surge, which triggered market manipulation warnings by online investigator ZachXBT, Dexe’s gradual ascent seemingly remained under the radar until its market capitalization breached the $4 billion mark. Despite this lack of early warnings, the underlying on-chain data pointed to a major spike in traction.

Santiment data showed that network growth hit its fourth-largest single-day record with 161 new wallets created. Meanwhile, whale activity surged, logging 11 transactions above $100,000—marking the fourth-largest day for such high-value transactions in 2026.

Still, despite the lack of adverse warnings about the project, analysts like Ryker Crypto urged users to always make it a habit to study the history of a project before jumping into the market’s frenzy, prompting some historical traders to open short positions.

“As I said, when a coin surges, whether you’re long or short, it’s very risky,” Ryker Crypto wrote on X. “Instead, study its history to understand why it’s rising. DEXE is an old project from a previous cycle that’s been heavily pumped again in this cycle, and this is very rare.”

The analyst also advised users to look for signs like listing on futures and the 90% drop to shake out holders. Overall, the sign to watch out for is an old project from the 2021 season that has been listed on futures within the last year or so.

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