Blockchain tracking firm Lookonchain says that whales – possibly institutional investors – are accumulating a decentralized exchange (DEX) altcoin.
According to Lookonchain, fresh wallets have been accumulating the native token of GMX (GMX), DEX that operates on the Arbitrum (ARB) and Avalanche (AVAX) blockchains offering spot and leveraged trading.
The firm says the entity has already accumulated over $15 million worth of GMX from Binance.
“Whales/institutions are buying GMX, and the price of GMX has increased by ~24% in [two days].
Six fresh wallets withdrew a total of 344,502 GMX ($15.3 million) from Binance in [two days].
Wallets:
0x68fdea13878d7ce741cc596db55564909d9ecc8a
0x4f63bce375be7785c5f6432ae601d5a2f440559c
0x2f0220b802b4267380ba7ae316f089be31f2579b
0x7ee198de1478257c7a23d879bea00f96a853eec1
0x28b2172086a4efa589becaad522a9526f59d07d0
0x441f9c411339a11f1dcd9f6e8ad736e21b290fc0″
At time of writing, GMX is trading for $38.51, down 2.73% in the past day.
Lookonchain has also spotted another whale that is currently in an accumulation phase, this time targeting the frog-themed memecoin Pepe (PEPE) from crypto exchange Kraken.
“A whale bought 231.6 billion PEPE ($2.9 million) from Kraken again.
The whale has bought a total of 750.34 billion PEPE ($8.34 million) from Kraken at an average price of $0.00001111 since Mar 16th.”
During a recent price correction, Lookonchain noticed that crypto investment firm Nascent purchased over $5.85 million worth of PEPE.
At time of writing, PEPE is trading at $0.0000125, down 13% in the last week.
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