🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Whales Dump More Than 29K GMX to Take Profit: On-Chain Data

Published 04/05/2023, 10:21
Updated 04/05/2023, 10:45
Whales Dump More Than 29K GMX to Take Profit: On-Chain Data

  • Lookonchain posted a tweet regarding two GMX whales this morning.
  • The post showed that two whales dumped more than 29K GMX collectively in the last 24 hours.
  • In related news, the price of GMX stood at $68.60 following a 24-hour loss of 1.09%.

The blockchain tracking firm Lookonchain shared the recent whale activity of two GMX whales this morning. The thread started off by mentioning that whales have unstaked 32,970 GMX and dumped 29,750 GMX in a profit-taking maneuver over the past 2 days.

One specific whale, 0x191e, had unstaked 16,565 GMX and dumped 13,525 GMX at a selling price of $69.52. According to the post, the whale had bought 16,565 GMX at $35.51 between 12 July and 14 August 2022. Following the recent dump, the whale is reported to hold 3,040 GMX, worth approximately $212K, after achieving a profit of $564K.

Meanwhile, the whale 0x2aa6 unstaked 17,224 GMX recently and dumped 17,226 GMX at a selling price of $67.26. Lookonchain’s tweet added that the whale had purchased 18,176 GMX at $44.77 between 3 September and 11 November 2022. He also sold 1,006 GMX for 3 Wrapped Bitcoin (WBTC) at $78.39 — amassing a profit of around $424K.

Daily chart for GMX/USDT (Source: TradingView)

At press time, CoinMarketCap showed that GMX’s price stood at $68.60 following a 24-hour loss of 1.09%. The altcoin was also down against Bitcoin (BTC) by 2.52% and Ethereum (ETH) by 2.65%. This price movement brought down GMX’s market cap to approximately $595 million.

The recent selloff by the two whales mentioned in Lookonchain’s post this morning had resulted in the daily trading volume for GMX spiking. At press time, the 24-hour trading volume for the crypto was $30,409,511, which was an 82.49% increase.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Whales Dump More Than 29K GMX to Take Profit: On-Chain Data appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.