GMX saw its performance skyrocket and it nearly hit its previous all-time high after the news of the listing on Binance and FTX.
The cryptocurrency reached an all-time high on Wednesday after Binance and FTX, two of the world’s most popular crypto exchanges, revealed intentions to list the token.
#Binance will list @GMX_IO $GMX in the Innovation Zone. https://t.co/rIVJi4cq3h pic.twitter.com/ItPS83eLLh
— Binance (@binance) October 5, 2022
According to CoinCu data, GMX has risen to as high as $60 from roughly $40, the most since January when it reached $62. The token has now lost some of its gains, trading around $46.17 at the time of publication.
GMX 1-hour chart. Source: CoinCu
According to CoinMarketCap data, the token trading volume increased by about 1000% in the last 24 hours, surpassing $220 million.
GMX Market Cap. Source: CoinMarketCap
GMX is a decentralized exchange (DEX), which means that investors may use smart contracts to purchase and sell tokens on the platform without the need for an intermediary. The platform has cheap costs and zero price impact trading, which enables more capital-efficient trading without slippage, which is the gap between the expected and actual price of a deal.
In early September, a knowledgeable trader took advantage of a flaw in GMX’s smart contract code to manipulate the price of AVAX, the Avalanche blockchain’s native token, profiting from $500,000 to $700,000.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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