Blockchain analytics company Lookonchain has reported that whales, potentially institutional investors, are amassing an alternative coin from a decentralized exchange (DEX).
According to Lookonchain, new wallets have been collecting the native token of GMX, a DEX that functions on the Arbitrum and Avalanche blockchains, offering both spot and leveraged trading.
The company stated that the entity has already acquired more than $15 million worth of GMX from Binance.
“Whales or institutions are purchasing GMX, leading to a ~24% price increase in just two days. Six new wallets withdrew a total of 344,502 GMX ($15.3 million) from Binance in the same time frame. The wallet addresses are as follows:
– 0x68fdea13878d7ce741cc596db55564909d9ecc8a
– 0x4f63bce375be7785c5f6432ae601d5a2f440559c
– 0x2f0220b802b4267380ba7ae316f089be31f2579b
– 0x7ee198de1478257c7a23d879bea00f96a853eec1
– 0x28b2172086a4efa589becaad522a9526f59d07d0
– 0x441f9c411339a11f1dcd9f6e8ad736e21b290fc0”
At the time of this report, GMX is being traded at $38.51, showing a 2.73% decline in the past day.
Lookonchain has also identified another whale that is currently accumulating the meme coin Pepe from the crypto exchange Kraken.
“A whale has purchased 231.6 billion PEPE ($2.9 million) from Kraken once again. This whale has acquired a total of 750.34 billion PEPE ($8.34 million) from Kraken at an average price of $0.00001111 since March 16th.”
During a recent market correction, Lookonchain observed that the crypto investment firm Nascent invested over $5.85 million in PEPE.
As of now, PEPE is trading at $0.0000125, marking a 13% decrease in the last week.
