Decentralized exchange GMX altcoin, most widely used in the world cryptocurrency It approached an all-time high on Wednesday as two of its exchanges, Binance and FTX, announced their plans to list the token.
GMX Altcoin Nears Record Level After Listing News
According to data from crypto price tracker CoinGecko, GMX rose from $40 to $60, hitting its highest level since January when the price hit $62.
The token has since wiped out some of the gains, trading at $51 at the time of this writing.
According to CoinGecko data, the altcoin’s trading volume has reached $150 million in the last 24 hours, increasing almost 20 times compared to the previous day.
GMX is a decentralized exchange (DEX), meaning investors can buy and sell tokens without intermediaries on the platform using smart contracts.
This altcoin protocol has gained popularity among crypto investors by resisting the market crash this year.
According to crypto data provider DefiLlama, GMX’s TVL has grown steadily, as other decentralized finance protocols have seen their locked aggregate value (TVL), a key measure of how much capital a platform has, melted away, currently at 455 million. dollar is at a record high.
However, in early September, a malicious attacker found a flaw in GMX’s smart contract code and manipulated the price of the AVAX token, making an unfair profit of $500,000 to $700,000.
Binance and FTX announced in their statements that the GMX token will be traded in BTC, USDT and BUSD altcoin pairs.
*Not investment advice.
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