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.

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