GMX price has defied gravity in the past few weeks as it becomes the biggest beneficiary of FTX’s clash. The token has soared to $60, the highest level since November. It has surged by more than 137% from the lowest level this November. The token has seen its total market cap surge to $478 million.
GMX latest news
GMX is the biggest decentralized exchange (DEX) on the Arbitrum network. It is a platform that makes it possible for people to buy and sell cryptocurrencies like BTC, AVAX, and ETH with up to 50x leverage. According to its website, it has a total trading volume of $89 billion. It has over 189k customers.
GMX price has surged in the past few weeks as investors embrace the decentralized exchange (DEX) following the collapse of FTX. Investors now believe that DEX platforms offer the best and safest features than centralized platforms like Binance and Coinbase.
As a result, the total value locked (TVL) in the ecosystem has surged to an all-time high of $906 million. This is a significant number considering that it started the year at just $247 million. It is also a notable thing since other popular DEXs like Uniswap and PancakeSwap have seen their TVL surge in the past few months.
Another important GMX news is that the network recently deployed new contracts for its GLP token. GLP is a liquidity provider token that accrues 70% of the platform’s generated fees. The new contracts provide a new GLP manager with additional utility, a new timelock for new contracts, and the removal of the 15-minute GLP cooldown.
Arbirum ecosystem growth
The GMX comeback illustrates how Arbitrum has been growing recently. Arbitum, a Polygon rival that supercharges Ethereum applications has seen its total value locked (TVL) soar to more than $1.4 billion. It has even overtaken Avalanche and Polygon to become the fourth-biggest chain in the world.
Analysts believe that Arbitrum is the best chain to build on. For one, unlike other chains like Optimism and Polygon, the developers have not launched a token to cash out. Instead, they are only interested in creating a good platform for developers. Other top apps in Arbitrum are Lodestar Finance, Radiant, and Uniswap.
GMX price prediction
The 4H chart shows that the GMX crypto price has been in a strong bullish trend in the past few weeks. This rally happened as it formed an inverted head and shoulders pattern. In price action, this pattern is usually a bullish sign. It also rallied above all moving averages. Therefore, I suspect that the coin will continue rising as buyers target the key support at $70. A drop below the support at $55 will invalidate the bullish view.