GMX Drops 24% in 1 Month, Whales Rapidly Selling

GMX, the native token powering GMX, a decentralized perpetual exchange for trading complex crypto derivatives, is under intense selling pressure when writing on August 11. Trackers show that the governance token is down 7% on the last trading day, pushing monthly losses to 24%. Despite the setback, DeFiLlama’s data is stable as GMX’s Total Value Locked (TVL) remains over $534 million. Most of the trading platform’s liquidity is locked in Arbitrum, a layer-2 scaling solution for Ethereum. The sell-off on August 11 coincides with actions by GMX “whales.” According to Lookonchain data, four whales sold 62,274 GMX worth $3 million.

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