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, a 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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