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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
