According to popular crypto analyst, one decentralized exchange altcoin (DEX), is about to experience the “mother-of-all squeezes.”
The Crypto Dog, a pseudonymous investor on social media, told his 810100 followers that he was bullish about the native tokens of GMX. GMX is a DEX which operates on both the Arbitrum (ARB), and Avalanche blockchains, and allows for spot trading and leveraged trades.
Analyst notes that GMX has changed its method of profit distribution.
“GMX generates more $ than any other perp-dex and delivers it in ETH. They will soon be purchasing GMX on the open market, with those fees. That’s $2million/week in constant pressure to buy. The whales are buying millions of dollars worth of GMX in order to maintain .”
Crypto Dog notes also that GMX, one of only two coins currently outperforming Bitcoin BTC (the other is XMR), has been gaining traction in recent months.
GMX was trading at 28.72 dollars at the time of this writing. The market capitalization of the 188th ranked cryptocurrency asset has dropped nearly 2.5% over the last 24 hours, but is up by more than 43% for the past 7 days.
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The post Crypto Analyst says a ‘Mother Of All Squeezes” is coming for Altcoin that’s currently outperforming Bitcoin could be updated as new information becomes available.
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