The layer-1 chain needs more than a successful perpetuals exchange to justify the HYPE token’s lofty valuation, according to the asset manager.

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In early June, a significant investor or institution made waves by acquiring 302,000 GMX tokens for $13.47 million at an average price of $45 through six separate addresses. This substantial purchase drove GMX’s price up by 12%, reflecting the market impact of such a concentrated buy. However, recent movements suggest the same entity has now exited its position, incurring heavy losses. Just six hours ago, four of their addresses transferred 267,000 GMX tokens, valued at $8.5 million, to Binance for liquidation. This sale caused GMX’s price to plummet from $33 to $28, marking a sharp 14% decline. 6 月初，一个鲸鱼或机构通过 6

The post Whale’s Massive GMX Sell-Off Triggers $5.82M Loss And Price Plunge appeared first on The Merkle News.

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Competition is mounting among DeFi derivatives protocols after Synthetix launched on Arbitrum in July.

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Synthetix faces fierce competition on the DeFi-oriented layer-2. 

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As of July 1, 2024, data from @IntotheBlock reveals that $GMX is leading the Total Value Locked (TVL) category among derivative protocols with an impressive $517.97 million. Following $GMX, Synthetix holds $453.80 million, and dYdX comes in third with $308.82 million in TVL. Emerging protocols are also showing significant growth. Vertex Protocol boasts a TVL of $90.99 million, while ApeX follows closely with $88.41 million. This rising TVL underscores strong user confidence, trust, and adoption in these platforms. As of July 1st, 2024, data from @IntotheBlock shows that $GMX leads the TVL category among derivative protocols with a Total Value

The post $GMX Dominates Derivative Protocols With $517.97M TVL, Launches Incentive Campaign On Avalanche appeared first on The Merkle News.

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The decentralized exchange GMX, operating on the Arbitrum and Avalanche blockchains, saw a brief decline of 4% today after a strong performance, having surged 15% over the past week. On-chain data from Lookonchain indicates significant buying activity from whales and institutions. 66 Wallets Withdrew 344,502 GMX Tokens In the past two days, six new wallets collectively withdrew 344,502 GMX tokens, valued at $15.3 million, from Binance. This accumulation by large holders suggests confidence in the long-term potential of GMX despite the recent price dip. Whales/institutions are buying $GMX, and the price of $GMX has increased by ~24% in the past

The post GMX Experiences Brief Decline Amidst Whale And Institutional Accumulation appeared first on The Merkle News.

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Renowned cryptocurrency investor Arthur Hayes has reportedly divested his holdings in GMX, marking the end of his two-year tenure as the coin’s largest holder. In the past 24 hours, trading volume for $GMX has surged significantly, soaring by over 400%. However, market data suggests that selling pressure outweighs buying sentiment, resulting in an 8% decline in the token’s value over the past week and a notable 29% drop over the past month. According to reports from the cryptocurrency analytics platform Lookonchain, Hayes, the founder of BitMEX, has unstaked a substantial amount of 237,672.8 GMX tokens, valued at nearly $9.7 million. 

The post Arthur Hayes, Renowned Cryptocurrency Investor, Sells Off GMX Holdings appeared first on The Merkle News.

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A Chainlink exec said the oracles will improve GMX’s security by providing a more “strong degree of tamper-resistance when settling user trades.”

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