Whales or Institutions Are Accumulating Arbitrum-Based DEX Altcoin From Binance: Lookonchain

Whales or Institutions Are Accumulating Arbitrum-Based DEX Altcoin From Binance: Lookonchain


Blockchain tracking firm Lookonchain says that whales – possibly institutional investors – are accumulating a decentralized exchange (DEX) altcoin.

According to Lookonchain, fresh wallets have been accumulating the native token of GMX (GMX), a DEX that operates on the Arbitrum (ARB) and Avalanche (AVAX) blockchains offering spot and leveraged trading.

The firm says the entity has already accumulated over $15 million worth of GMX from Binance.

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“Whales/institutions are buying GMX, and the price of GMX has increased by ~24% in [two days].

Six fresh wallets withdrew a total of 344,502 GMX ($15.3 million) from Binance in [two days].

Wallets:
0x68fdea13878d7ce741cc596db55564909d9ecc8a
0x4f63bce375be7785c5f6432ae601d5a2f440559c
0x2f0220b802b4267380ba7ae316f089be31f2579b
0x7ee198de1478257c7a23d879bea00f96a853eec1
0x28b2172086a4efa589becaad522a9526f59d07d0
0x441f9c411339a11f1dcd9f6e8ad736e21b290fc0″

Source: Lookonchain/X

At time of writing, GMX is trading for $38.51, down 2.73% in the past day.

Lookonchain has also

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