Analyst Predicts Major Surge for Decentralized Exchange Token
16.08.2024 20:00 1 min. read Alexander Stefanov
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.
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