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 2 days.

6 fresh wallets withdrew a total of 344,502 $GMX($15.3M) from #Binance in the past 2 days.

Wallets:
0x68fdea13878d7ce741cc596db55564909d9ecc8a… pic.twitter.com/Err6YfdYrb

— Lookonchain (@lookonchain) June 7, 2024

The recent downturn follows a period of impressive growth, highlighting the volatility often seen in the crypto market.

As whale and institutional interest continues to rise, the market dynamics for GMX could see further shifts in the near future.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: iqoncept/123RF // Image Effects by Colorcinch

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