GMX (GMX) Altcoin Is Primed for the 'Mother of All Squeezes,” Crypto Analyst Says
- PHPzOriginal
- 2024-08-16 09:00:12985browse
The pseudonymous trader known as The Crypto Dog tells his 810100 followers on the social media platform X that he's bullish on the native token of GMX
A popular crypto analyst is predicting a massive short squeeze for a decentralized exchange (DEX) altcoin.
The pseudonymous trader, known as The Crypto Dog, shared his bullish outlook on the native token of GMX, a DEX that operates on the Arbitrum (ARB) and Avalanche (AVAX) blockchains, in a recent post to his 810,100 followers on the social media platform X.
According to the analyst, GMX is set to begin using its profits to purchase the DEX’s native token on the open market. The trader notes that GMX generates about $2 million in daily profits, which could translate to roughly $2 million per week in buying pressure for GMX.
The analyst also highlights that whales have been accumulating millions of dollars’ worth of GMX, with the traders buying the token in bulk and holding it for extended periods. The Crypto Dog adds that GMX is currently one of the only coins that’s outperforming Bitcoin (BTC) in the current market environment.
At the time of writing, GMX is trading at $28.72. The 188th-ranked crypto asset by market capitalization, GMX is down 2.47% over the past 24 hours but has surged over 43% over the past seven days.
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