Crypto Whales and ‘Smart Money’ Now Accumulating One Ethereum-Based Altcoin: On-Chain Data

Crypto whales and investors are rapidly accumulating one Ethereum (ETH)-based exchange altcoin, according to on-chain data.

Blockchain-monitoring service Lookonchain says that, on Tuesday, three deep-pocketed investors scooped up a combined 69,919 of the native asset of the decentralized perpetual trading platform GMX (GMX).

The buys had an estimated total value of $5 million at the time.

“Whales and the SmartMoneys are accumulating GMX!

We noticed that two whales and one SmartMoney bought a total of 69,919 GMX ($5 million) today.”

Of the three buyers, one crypto whale made the largest purchase, picking up more than 52,000 GMX. The whale previously made a large buy of 14,117 GMX on March 21.

“Whale ‘0x9a76’ bought 52,159 GMX with 2,192 ETH ($3.76M) at a price of $72 today. Bought 14,117 GMX with 636 ETH ($1.15M) on March 21 at a price of $82.”

The second largest GMX buyer on Tuesday picked up 14,766 GMX for $68, per Lookonchain.

“Whale”0x7aff” bought 14,766 GMX with 585.5 ETH ($1 million)at a price of $68 today. Received 5,310 GMX ($359,000) from Binance on March 13 when the price of GMX was $68.”

Source: Lookonchain/Twitter

The third investor picked up 2,993 GMX when it was trading for $67.

Lookonchain notes the investor has a pattern of buying GMX at a low value and selling at a higher value, highlighting three other GMX transactions at other times.

“A SmartMoney who always buys GMX at lows and sells at highs bought 2,993 GMX with 200K USDC at $67 today.

  1. buy 44,982 GMX at $45 and sell 18,782 GMX at $52
  2. buy 13,309 GMX at $46 and sell 23,309 GMX at $55
  3. buy 14,065 GMX at $64 and sell 15,065 GMX at $76.”

GMX is trading for $81.28 at time of writing.

Lookonchain noted in February that BitMEX founder Arthur Hayes had bought hundreds of thousands of GMX tokens last year and had seen a profit of more than $8 million at that time.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Crypto Whales and ‘Smart Money’ Now Accumulating One Ethereum-Based Altcoin: On-Chain Data appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Crypto Whales and ‘Smart Money’ Now Accumulating One Ethereum-Based Altcoin: On-Chain Data

Ledger Nano X - The secure hardware wallet