- GMX experienced great growth in terms of volume.
- However, the indicators paint a bearish picture for the coin.
gmx Taking advantage of the recent bullish sentiment in the market, it has experienced significant growth. One indicator of your progress has been your performance Avalanche (AVAX) grid. According to a tweet on February 20, it was noted that the number of users using GMX had doubled on Avalanche.
1// @GMX_IO Exchange activity and performance #avalanche crazy now.
What do the figures say?
Since the beginning of the year (01/01/2023)
The number of users using GMX has now doubled #avalanche pic.twitter.com/JHOJLlr2pW
— Ommi 🔺 (@Ommiii_) February 20, 2023
Reading GMX Price Prediction 2023-2024
A large number of users indicated that the adoption of GMX has increased considerably. The interest around GMX was fueled not only by the perpetual contract protocol it supported, but also by the networks on which it existed.
Along with the number of users, there was also an increase in the overall volume on the network. According to the previous tweet, there was a 250% increase in GMX volume.
One of the reasons for the increased volume would be the increased number of traders on the platform. According to data from Dune Analytics, the total number of merchants on the protocol has grown exponentially in recent months. The large number of traders on the protocol affected the overall volume and liquidity on the platform.
Most of these traders took long positions. According to data from Dune Analytics, the percentage of long positions on the platform stands at 62.1%. On the other hand, the percentage of short positions on the platform stood at 37.1%. This showed the general optimism of the crypto market and the users of the platform.
However, while traders’ optimism continues to rise, the situation for the GMX token has worsened.
Could the bears be there for GMX?
According to Sentiment, the MVRV token ratio has increased in recent weeks. This meant that if most holders sold their positions, they would end up making a profit. This will increase selling pressure on holders and may lead to a lower token price in the future.
Along with the high selling pressure, there was also a drop in the growth of the GMX network, indicating that new addresses had lost interest in the token.
How much they cost 1,10,100 gmx worth today?
Along with this, there was also a drop in token speed. This meant that the frequency with which GMX was traded was reduced.
Source: Feeling
Overall, although the GMX Protocol experienced positive developments, the token’s indicators suggest a negative outlook for its future.
