One decentralized change (DEX) altcoin is on the verge of the “mom of all squeezes,” in line with a preferred crypto analyst.
The pseudonymous dealer referred to as The Crypto Canine tells his 810,100 followers on the social media platform X that he’s bullish on the native token of GMX, a DEX that operates on the Arbitrum (ARB) and Avalanche (AVAX) blockchains and gives spot and leveraged buying and selling.
The analyst notes that GMX is switching its revenue distribution mechanism.
“GMX is a perp dex that generates probably the most $ in charges of any perp dex, delivered in ETH to stakers. Quickly they are going to be shopping for GMX from the open market with these charges, ~$2million/week of fixed purchase stress. Whales have been shopping for tens of millions $ of GMX to carry.”
The Crypto Canine additionally notes that GMX is likely one of the solely cash outperforming Bitcoin (BTC) in the meanwhile.
GMX is buying and selling at $28.72 at time of writing. The 188th-ranked crypto asset by market cap is down almost 2.5% previously 24 hours however up greater than 43% previously seven days.
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