In the early hours of Thursday, the value of decentralized perpetual exchange token, GMX, skyrocketed, causing waves of chatter within the cryptocurrency ecosystem. The native token has posted an enviable upward shoot of over 20% livening up the digital currency market’s last 24-hour cycle. The sudden price uptick is largely speculated to be a result of a significant activity by a crypto ‘whale’, who transferred a substantial amount of GMX tokens, sparking a positive spin in the community’s views towards the currency. The price movements have instigated murmurings among analysts who now believe that GMX might be hurtling towards a breakout above the critical $60 mark.
The flurry began when the crypto whale made a high-profile withdrawal of over 85,000 GMX tokens from globally-renowned crypto exchange Binance. A chunky cache of the transferred tokens, precisely 84,515 GMX, valued at approximately $3.77 million, was moved to a new wallet. The transfer didn’t go unnoticed, as it set off an immediate surge in GMX’s price, jump-starting it from $40 to $44. This abrupt spike in GMX’s price in the after-hours trading secured a windfall of an astonishing half a million in unrealized profit for the crypto investor.
The ripple effect was palpable, as reports surfaced of another titan moving GMX from Binance to a wallet Friday morning, further stimulating the token’s value. A total of 72,300 GMX tokens were translocated, bringing the new wallet’s holding to a staggering 82,768 GMX, currently amounting to around $3.69 million.
Interestingly, the resurgence in the token’s value had begun even prior to the whale activity, offering seeds of optimism to the crypto community. The surge took off on Wednesday when GMX’s price moved notably from the $36 price range to touch the $42 mark. The last 24 hours have only added fuel to the excitement, as GMX climbed further to trade above $44, signifying a growth of 22.2%. This impressive stride manifests a 26% and 76.3% price appreciation within weekly and monthly parameters respectively. Additionally, the token had a brute ascend in its market activity, registering a 121% surge in daily trading volume over the final measurable day.
Analysts are honing in on the token’s robust performance, and many have expressed bullish sentiments regarding GMX’s trajectory. Seasoned trader and crypto expert Daan Crypto alluded to the token “running back to turbo mode,” surmising that the $41 support zone could be crucial to GMX’s stability, while eyeing the $60 price threshold as an attainable goal for the token’s thriving momentum.
Another notable voice in the crypto scene, analyst JJcycles seconded these upbeat observations and went further to highlight a bullish flag pattern on GMX’s performance chart. He indicated the token’s successful comeback from its April doldrums, when it had scraped a low of $22. The analyst also referred to the individuals who sold off their holdings at the lowest ebb, such as BitMEX founder Arthur Hayes, who had been the largest individual holder of GMX.
Lookbacks notwithstanding, the current trajectory of GMX demonstrates the ever-present possibilities in the dynamic world of cryptocurrencies. As the market’s eyes stay trained on GMX, one thing is clear: in the high-risk, high-reward dance of digital currencies, there’s always room for a surprise.
