One decentralized exchange (DEX) altcoin is on the verge of the “mother of all squeezes,” according to a popular crypto analyst.
The pseudonymous trader known as The Crypto Dog tells his 810,100 followers on the social media platform X that he’s bullish on the native token of GMX, DEX that operates on the Arbitrum (ARB) and Avalanche (AVAX) blockchains and offers spot and leveraged trading.
The analyst notes that GMX is switching its profit distribution mechanism.
“GMX is a perp dex that generates the most $ in fees of any perp dex, delivered in ETH to stakers. Soon they will be buying GMX from the open market with those fees, ~$2million/week of constant buy pressure. Whales have been buying millions $ of GMX to hold.”
The Crypto Dog also notes that GMX is one of the only coins outperforming Bitcoin (BTC) at the moment.
GMX is trading at $28.72 at time of writing. The 188th-ranked crypto asset by market cap is down nearly 2.5% in the past 24 hours but up more than 43% in the past seven days.
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