One decentralized change (DEX) altcoin is on the verge of the “mom of all squeezes,” in line with a well-liked crypto analyst.
The pseudonymous dealer often called 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 affords spot and leveraged buying and selling.
The analyst notes that GMX is switching its revenue distribution mechanism.
“GMX is a perp dex that generates essentially 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 strain. Whales have been shopping for thousands and thousands $ of GMX to carry.”
The Crypto Canine additionally notes that GMX is likely one of the solely cash outperforming Bitcoin (BTC) for the time being.
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% up to now 24 hours however up greater than 43% up to now seven days.
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