GMX Supporter Nets $1 Million After Selling $27.5K Tokens Purchased In 2021

Key Points:

• An early GMX supporter sold 20,000 GMX for $980K.
• GMX is currently trading at around $46, down nearly 50% from its peak at $91.
• Last month, GMX faced challenges in the market, leading to its lowest levels in over a month and a 19.2% decline from its July-highs.

Early GMX supporter who purchased 8,960 GMX with $27.5K in September 2021 sold 20,000 GMX for $980K. GMX is now trading at $46, down nearly 50% from its peak.

In recent news, it was reported that a supporter of GMX had sold a total of 20,000 GMX for 510.2 ETH. The sale was made at an average price of $49, resulting in a whopping $980,000 in earnings.

However, following the sale, there was a noticeable 5.1% drop in the GMX price. Interestingly, the address that made the sale had only purchased 8,960 GMX with $27.5K in September 2021. This address had also received additional GMX from two Vester addresses as rewards.

As of now, the GMX token’s trading value is roughly around $46. This value represents a significant decrease of almost 50% since its peak at $91 on April 18, 2023.

Last month, GMX, which is a governance and utility token that powers an Arbitrum-based decentralized exchange (DEX) for trading perpetual cryptocurrency futures with leverage, faced some market challenges. Unfortunately, this decline has led GMX to its lowest levels over the previous month, with the cryptocurrency now down by 19.2% from its July high of around $62.

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