Whales or Institutions Are Accumulating Arbitrum-Based DEX Altcoin From Binance: Lookonchain

Blockchain tracking firm Lookonchain says that whales – possibly institutional investors – are accumulating a decentralized exchange (DEX) altcoin.

According to Lookonchain, fresh wallets have been accumulating the native token of GMX (GMX), a DEX that operates on the Arbitrum (ARB) and Avalanche (AVAX) blockchains offering spot and leveraged trading.

The firm says the entity has already accumulated over $15 million worth of GMX from Binance.

“Whales/institutions are buying GMX, and the price of GMX has increased by ~24% in [two days].

Six fresh wallets withdrew a total of 344,502 GMX ($15.3 million) from Binance in [two days].

Wallets:0x68fdea13878d7ce741cc596db55564909d9ecc8a0x4f63bce375be7785c5f6432ae601d5a2f440559c0x2f0220b802b4267380ba7ae316f089be31f2579b0x7ee198de1478257c7a23d879bea00f96a853eec10x28b2172086a4efa589becaad522a9526f59d07d00x441f9c411339a11f1dcd9f6e8ad736e21b290fc0″

At time of writing, GMX is trading for $38.51, down 2.73% in the past day.

Lookonchain has also spotted another whale that is currently in an accumulation phase, this time targeting the frog-themed memecoin Pepe (PEPE) from crypto exchange Kraken.

“A whale bought 231.6 billion PEPE ($2.9 million) from Kraken again.

The whale has bought a total of 750.34 billion PEPE ($8.34 million) from Kraken at an average price of $0.00001111 since Mar 16th.”

During a recent price correction, Lookonchain noticed that crypto investment firm Nascent purchased over $5.85 million worth of PEPE.

At time of writing, PEPE is trading at $0.0000125, down 13% in the last week.

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