Crypto Whales Piling Up Holdings of This Top Ethereum-Based Altcoin
Wealthy cryptocurrency investors are accumulating this Ethereum-based altcoin purchasing the tokens for a total value of $5 million at the time.
GMX is a native asset of the decentralized perpetual trading platform based on the Ethereum blockchain. According to Lookonchain, the recent buying spree by whales and investors could indicate increased interest in GMX and the platform’s potential for growth.
The largest buyer of GMX tokens, identified as “Whale 0x9a76,” purchased 52,159 GMX for 2,192 ETH, worth $3.76 million at the time. This purchase was made at $72, slightly lower than the current trading price.
Whale 0x9a76 had also made a previous purchase of 14,117 GMX on March 21, which was worth $1.15 million at the time.
The second-largest buyer, identified as “Whale 0x7aff,” bought 14,766 GMX for 585.5 ETH, worth around $1 million.
The transaction was carried out at a rate of $68 for each token, which happens to be below the present market rate. Binance also granted whale 0x7aff 5,310 GMX on March 13, when the value of GMX was $68.
Another investor, who goes by the name “SmartMoney,” procured 2,993 GMX for 200K USDC, paying $67 for each token. This investor has a history of purchasing GMX when the value is low and then selling when it rises, as indicated by three other GMX transactions highlighted by Lookonchain.
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The transactions involved buying 44,982 GMX at $45 and selling 18,782 GMX at $52, buying 13,309 GMX at $46 and selling 23,309 GMX at $55, and buying 14,065 GMX at $64 and selling 15,065 GMX at $76.
According to Lookonchain, it is worth noting that the founder of BitMEX, Arthur Hayes, had acquired hundreds of thousands of GMX tokens in the previous year and had earned a profit of more than $8 million. This highlights the potential for profitability and success that can be obtained through investments in GMX and the decentralized perpetual trading platform it supports.
The recent accumulation of GMX tokens by whales and investors could indicate the potential for growth and increased interest in the platform. At the time of writing, GMX was trading at $75.47 after a 2% decline in the past 7 days.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
