Analyst Predicts Major Surge for Decentralized Exchange Token
A prominent crypto analyst, known as The Crypto Dog, has indicated that the GMX token, associated with the decentralized exchange (DEX) GMX, is poised for a significant price surge.
In a recent update, The Crypto Dog expressed optimism about GMX, a token utilized by the DEX operating on both Arbitrum ( ARB ) and Avalanche ( AVAX ) networks, which supports spot and leveraged trading.
The analyst also highlighted a key change in GMX’s profit distribution strategy.
GMX, recognized for its substantial fee generation, will soon use these fees to buy back GMX tokens from the market, injecting around $2 million per week into the token.
This move is expected to create persistent buying pressure.
Additionally, The Crypto Dog pointed out that GMX is currently outperforming Bitcoin ( BTC ) in terms of price performance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
MARA's stock jumps after raising $1 billion via convertible notes to buy more bitcoin
MARA Holdings announced the successful closing of its $1 billion offering of 0% convertible senior notes due 2030.The bitcoin miner plans to allocate around $199 million of the proceeds to repurchase $212 million in principal of its existing convertible notes due 2026. The remaining funds will be used to acquire more bitcoin.
Gold loses luster as institutional demand fuels bitcoin price surge, analysts say
Bitcoin’s 46% surge over the past month, contrasted with gold’s 3% decline, highlights a shifting investor preference toward alternative store-of-value assets, analysts say.Derivatives traders are buying up bitcoin call options ahead of Trump’s inauguration, signaling strong bullish sentiment for the beginning of 2024.
SEC is 'engaging' Solana ETF applicants: report
SEC “engaging” on Solana ETF applications, sparking optimism for potential approval in 2025.VanEck, 21Shares, and Bitwise lead Solana ETF filings amid pro-crypto White House hopes.SOL token rises 4.6% to $247.91, bolstered by Solana’s strong DeFi ecosystem and demand.
Shiba Inu Developer Says SHIB Is No Longer a Memcoin