This morning, Lookonchain, a blockchain tracking firm, disclosed the latest whale activity involving two GMX whales. According to the thread, these whales have executed a profit-taking strategy by unstacking 32,970 GMX and dumping 29,750 GMX over the past 48 hours.
A particular whale, 0x191e, recently made a noteworthy move in the GMX market. The whale unstaked a total of 16,565 GMX and proceeded to sell 13,525 GMX for $69.52. As per the available information, the whale had initially purchased the 16,565 GMX for $35.51 over a period spanning from July 12th to August 14th, 2022. Following this recent sell-off, the whale’s current holdings stand at 3,040 GMX, valued at approximately $212K, having realized a profit of $564K. These developments serve as a significant indicator of the market’s current state and the potential for profitable investment opportunities.
Recently, the whale with the address 0x2aa6 moved into the GMX market by unstaking 17,224 tokens and selling 17,226 for $67.26. According to Lookonchain’s tweet, the same whale had purchased 18,176 GMX at a lower price of $44.77 between September 3rd and November 11th, 2022. Additionally, the whale sold 1,006 GMX for 3 Wrapped Bitcoin (WBTC) for $78.39, resulting in a profit of approximately $424K. These actions demonstrate the whale’s strategic trading approach and ability to capitalize on market fluctuations.
According to the latest update from CoinMarketCap, GMX’s current price is $68.60, reflecting a 1.09% decline over the past 24 hours. The altcoin has also experienced a dip of 2.52% against Bitcoin (BTC) and 2.65% against Ethereum (ETH). As a result, GMX’s market cap has been reduced to around $595 million.
According to Lookonchain’s latest report, the recent divestment by prominent investors has caused a surge in the daily trading volume of GMX. Currently, the 24-hour trading volume for the cryptocurrency stands at $30,409,511, marking a significant 82.49% upsurge.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
