- A well-known crypto expert believes that one decentralized exchange (DEX) altcoin is about to experience the mother of all squeezes.
On the social media site X, the anonymous trader known as The Crypto Dog informs his 810,100 followers that he is positive about GMX’s native token. GMX is a DEX that allows leveraged and spot trading on the Avalanche (AVAX) and Arbitrum (ARB) blockchains.
The analyst points out that GMX is changing how it distributes profits.
Delivered to stakers in ETH, GMX is the perp dex that generates the most fees of any perp dex. They will soon be using those fees and persistent buy pressure of about $2 million per week to purchase GMX on the open market. Millions of GMX have been purchased by whales to hold.
The Crypto Dog also points out that GMX is currently one of the few coins outperforming Bitcoin (BTC).
As of writing, GMX is trading at $28.72. The crypto asset ranked 188th by market capitalization is up over 43% over the last seven days, but it has decreased by around 2.5% over the last 24 hours.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
