{"id":546950,"date":"2023-08-12T01:00:01","date_gmt":"2023-08-12T01:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=546950"},"modified":"2023-08-11T21:32:49","modified_gmt":"2023-08-11T21:32:49","slug":"gmx-drops-whales-selling","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/gmx-drops-whales-selling\/","title":{"rendered":"GMX Drops 24% in 1 Month, Whales Rapidly Selling: What&#8217;s Going On?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">GMX, the native token powering GMX, a decentralized perpetual exchange for trading complex crypto derivatives, is under intense selling pressure when writing on August 11. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Trackers <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.coinlore.com\/coin\/gmx\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">show<\/span><\/a><span data-preserver-spaces=\"true\"> that the governance token is down 7% on the last trading day, pushing monthly losses to 24%. This downturn has seen prices tumble close to $40, a critical support level last printed in January and June 2023.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Whales Dumping, Prices Fall<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Despite this setback, DeFiLlama&#8217;s <a href=\"https:\/\/defillama.com\/protocol\/gmx\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a> is stable<\/span><span data-preserver-spaces=\"true\">\u00a0as GMX&#8217;s Total Value Locked (TVL) remains over $534 million. Most of the trading platform&#8217;s liquidity is locked in Arbitrum, a layer-2 scaling solution for Ethereum. Additionally, another portion is locked on Avalanche, a fourth-generation Ethereum-compatible smart contract platform focused on decentralized finance (DeFi).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The sell-off on August 11\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/78921728\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">coincides<\/span><\/a><span data-preserver-spaces=\"true\"> with actions by GMX &#8220;whales.&#8221; According to Lookonchain data, four whales sold 62,274 GMX worth $3 million. Address &#8220;0xb824&#8221; liquidated 19,786 GMX, translating to 514 ETH, and &#8220;0xa38a&#8221; sold 11,667 GMX for 305 ETH, losing $50,000 in the process. Meanwhile, &#8220;0X85b7&#8221; sold 20,000 GMX for 510 ETH, and &#8220;0x0b80&#8221; mirrored this move, dumping 10,820 GMX.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/curve-finance-resurgence-70-of-stolen-funds-recovered-redemption-on-the-horizon\/\" target=\"_blank\" rel=\"noopener \">Curve Finance Resurgence: 70% Of Stolen Funds Recovered, Redemption On The Horizon<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Whales are selling amid a constant decline in TVL in DeFi. This contraction can be traced to the general cool-off from late 2021, when crypto prices peaked before dropping in 2022, crashing on-chain activity, especially in DeFi. <\/span><span data-preserver-spaces=\"true\">At spot rates, it is changing hands at $46, an almost 50% decline from $91 registered in Q2 of 2023. Even so, the token is up nearly 4X from its all-time low.<\/span><\/p>\n<figure style=\"width: 1226px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/CJjlRLiu\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/CJjlRLiu\/\" alt=\"GMX price on August 11| Source: GMXUSDT on Binance, TradingView\" width=\"1226\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">GMX price on August 11| Source: <a href=\"https:\/\/www.tradingview.com\/x\/CJjlRLiu\/\" target=\"_blank\" rel=\"noopener nofollow\">GMXUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Whales&#8217; action, nonetheless, could send ripples of uncertainty throughout the GMX and DeFi communities. Crypto traders actively keep track of whale activity. Usually, when they sell, as was the case today, it could sow fear, leading others to follow suit, heaping more pressure on prices.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">GMX Launches v2 Beta<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">On August 6, GMX<a href=\"https:\/\/gmxio.substack.com\/p\/gmx-v2-beta-is-now-live\" target=\"_blank\" rel=\"noopener nofollow\"> released<\/a> the v2 version in beta on Arbitrum and Avalanche. The exchange said this version introduces several enhancements, including support for more assets, including XRP. With v2, users can also utilize diverse collateral types for trading positions while trading more quickly with reduced fees and lower slippage.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-price-hit-50-on-gemini\/\" target=\"_blank\" rel=\"noopener \">Did XRP Price Really Hit $50 On Gemini Exchange<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">With v2, the exchange adds, is the introduction of isolated pools for liquidity providers to customize their exposure to preferred tokens. This version also incorporates augmented incentives for balancing open interest, offering a strategic avenue for hedging pools against trader profit fluctuations.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>GMX, the native token powering GMX, a decentralized perpetual exchange for trading complex crypto derivatives, is under intense selling pressure when writing on August 11. Trackers show that the governance token is down 7% on the last trading day, pushing monthly losses to 24%. This downturn has seen prices tumble close to $40, a critical support level last printed in January and June 2023.\u00a0 Whales Dumping, Prices Fall Despite this setback, DeFiLlama&#8217;s data is stable\u00a0as GMX&#8217;s Total Value Locked (TVL) remains over $534 million. Most of the trading platform&#8217;s liquidity is locked in Arbitrum, a layer-2 scaling solution for Ethereum. Additionally, another portion is locked on Avalanche, a fourth-generation Ethereum-compatible smart contract platform focused on decentralized finance (DeFi). The sell-off on August 11\u00a0coincides with actions by GMX &#8220;whales.&#8221; According to Lookonchain data, four whales sold 62,274 GMX worth $3 million. Address &#8220;0xb824&#8221; liquidated 19,786 GMX, translating to 514 ETH, and &#8220;0xa38a&#8221; sold 11,667 GMX for 305 ETH, losing $50,000 in the process. Meanwhile, &#8220;0X85b7&#8221; sold 20,000 GMX for 510 ETH, and &#8220;0x0b80&#8221; mirrored this move, dumping 10,820 GMX. Related Reading: Curve Finance Resurgence: 70% Of Stolen Funds Recovered, Redemption On The Horizon Whales are selling amid a constant decline in TVL in DeFi. This contraction can be traced to the general cool-off from late 2021, when crypto prices peaked before dropping in 2022, crashing on-chain activity, especially in DeFi. At spot rates, it is changing hands at $46, an almost 50% decline from $91 registered in Q2 of 2023. Even so, the token is up nearly 4X from its all-time low. Whales&#8217; action, nonetheless, could send ripples of uncertainty throughout the GMX and DeFi communities. Crypto traders actively keep track of whale activity. Usually, when they sell, as was the case today, it could sow fear, leading others to follow suit, heaping more pressure on prices. GMX Launches v2 Beta On August 6, GMX released the v2 version in beta on Arbitrum and Avalanche. The exchange said this version introduces several enhancements, including support for more assets, including XRP. With v2, users can also utilize diverse collateral types for trading positions while trading more quickly with reduced fees and lower slippage.\u00a0 Related Reading: Did XRP Price Really Hit $50 On Gemini Exchange With v2, the exchange adds, is the introduction of isolated pools for liquidity providers to customize their exposure to preferred tokens. This version also incorporates augmented incentives for balancing open interest, offering a strategic avenue for hedging pools against trader profit fluctuations.\u00a0 Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":546951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[84309,9885,54512,86743,89106],"class_list":["post-546950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-arbitrum","tag-avalanche","tag-defi","tag-gmx","tag-gmx-v2-beta"],"acf":[],"yoast_head":"\n<title>GMX Drops 24% in 1 Month, Whales Rapidly Selling: What&#039;s Going On?<\/title>\n<meta name=\"description\" content=\"GMX is under intense selling pressure. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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