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According to on-chain data from the Arbitrum blockchain, two cryptocurrency firms have scooped up a ton of one fast-growing decentralized exchange (DEX) token.
According to Blockchain Tracker look on chaincrypto financial services provider Amber and crypto asset manager Arca are both amassing GMX, a popular DEX built on Arbitrum.
LookOnChain says,
“We noticed that Amber Group and Arca are stacking GMX.
Amber Group received 122,144 GMX (currently $9.8 million) from Binance and Arca purchased 66,448 GMX (currently $4.4 million). [a] DEX.
Amber Group received 122,144 GMX ($7.56M at the time) from Binance over the past month. The average receiving price is ~$61.9.
These 122,144 GMX were transferred to 3 new addresses. ”
According to LookOnChain, Alka is had With $500 million in assets under management as of October 2021, it has purchased $3.5 million worth of GMX in the last three days alone.
Arca bought 42,972 GMX with 2,065 ETH ($3.5M) at an average price of $81.5 over the last 3 days.
One month ago I bought 23,476 GMX for 1 million USDC at an average price of $42.6.
GMX is one of the only crypto assets in the market to finish 2022 in the blue, and has been rallying hard since the beginning of the new year.
At the time of writing, GMX is up 80% since the beginning of 2023 and is currently trading at $76.21, giving it a market cap of $646 million.
BitMEX founder and cryptocurrency veteran Arthur Hayes is now the fifth largest, according to blockchain analytics platform Dune Analytics. Owner of GMX.
Hayes previously referred to GMX as a “super-strong” crypto asset in his portfolio.
If you want to start down the road of finding the right assets to participate in the rally and earn income while waiting for the bull market to return, you can launch a site like TokenTerminal to see what protocols are available. Find out which ones generate real income, it’s up to you to investigate which protocols have compelling tokenomics.”
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