Crypto News

Fresh Whales Boost $GMT And $DYDX Tokens With Significant Accumulation

The native token of the FSL ecosystem, $GMT, and the L1 protocol token for the dydx chain, $DYDX, have both seen a 9% surge in value today, fueled by on-chain data indicating new whale accumulation.

Spotonchain reports that Whale 0x240 made a substantial withdrawal of 1.86 million $DYDX ($6.65 million) from Binance approximately 5 hours ago, acquiring the tokens at an average price of around $3.578.

This withdrawal follows previous moves by the same whale, who withdrew 3.782 million DYDX from Binance in February and March 2024, with an estimated cost of $12.76 million. The whale currently holds all DYDX tokens, valued at $13.65 million, realizing a profit of $891,000 (+6.99%).

Whale Shows Extreme In DYDX, GMT Notable Exchange Withdrawals Noted

Interestingly, Whale 0x240 has shown exclusive interest in DYDX tokens, refraining from diversifying into other assets like ETH.

Another notable withdrawal was made by Whale 0xc7e, who withdrew 46.2 million $GMT ($16 million) from Binance at an average price of approximately $0.346 in the past 45 minutes. This adds to their current holding of 86.13 million $GMT ($30.3 million), with an estimated unrealized profit of $2.2 million (+7.82%).

Over the last 2 days, two fresh whales, identified as 0xc7e and 0x8a6, have collectively withdrawn a total of 98.95 million $GMT from Binance at an average price of around $0.323, amounting to $31.98 million.

These significant accumulations by fresh whales signal a bullish sentiment towards both $GMT and $DYDX tokens, contributing to their recent price surges.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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