The 2 big cryptocurrency whales detected by Lookonchain have sold more than 29 thousand GMX in the past hours. The massive sell-off led to a drop in the altcoin price of around 1.09%.
Cryptocurrency whales dumped GMX price with hefty sales
Blockchain tracking firm Lookonchain shared the latest transactions of two GMX whales this morning. The tweet says that whales removed 32,970 GMX from the stake pool in the last 2 days, 29,750 sold.
One of the whales removed 16,565 GMX from the stake pool and disposed of 13,525 at $69.52. According to the data, the whale purchased 16,565 GMX at $35.51 between July 12 and August 14, 2022. With the last sale, the whale continues to hold 3,040 GMX worth about $212K after making a profit of $564K.
Meanwhile, the other whale recently released 17,224 GMX. He later sold the whole thing at $67.26. Lookonchain says the whale purchased 18,176 GMX for $44.77 between September 3 and November 11, 2022. He also sold 1,006 GMX for 3 Wrapped Bitcoins (WBTC) at $78.39. In this transaction, he made a profit of about 424 thousand dollars.
GMX price drops
CMC data shows that the price of GMX has lost 1.09% during this time. The coin fell as low as $68.60 at one point after the sell-off. It also fell 2.52% against Bitcoin (BTC) and 2.65% against Ethereum (ETH). This price action reduced the market value of GMX to approximately $595 million.
Recent sales of the two whales mentioned in Lookonchain’s post this morning have resulted in higher daily trading volume for GMX. The good news is that the price is gaining momentum again with new buyers in the coming hours. GMX is currently trading in the 69.66 region, where it is up 2.5% on the day.
GMX has made huge strides to solidify itself as the leading decentralized derivatives exchange (DEX) in 2023. Year-to-date, TVL has grown by more than 50%, according to data from DeFiLlama. In fact, the protocol’s TVL hit the ATH level of $1.28 billion on April 19. In addition, GMX contributed generously to the growth of Arbitrum, occupying more than 36% of its TVL.
GMX-Chainlink integration was the main catalyst for the recent acceleration
GMX’s success may be due to its Chainlink integration. cryptocoin.comAs you follow, the two projects have partnered to improve their network performance. The new oracle contracts will significantly reduce delays, giving traders access to real-time price data in GMX V2. The solution also helps reduce process completion time and reduce front-running.
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