What Crypto Winter? GMX Soars 34% on Binance Listing
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GMX went live on Binance earlier today.
GMX Jumps Amid Binance Hype
One of crypto winter’s outperformers is benefiting from the Binance listing effect.
Per CoinGecko data, GMX has jumped to $54.20 in Wednesday trading, up 34.2% on the day. It briefly topped $60, falling a whisker short of its $62.10 all-time high recorded at the beginning of the year. While the fast-growing decentralized exchange has shown strength over the past few months, today’s rally can be attributed to a new listing on the world’s top cryptocurrency exchange, Binance.
In a Wednesday blog post, Binance revealed that it would list GMX/BTC, GMX/BUSD and GMX/USDT trading pairs commencing today. GMX surged within minutes of the announcement going live, proving that Binance’s listing choices still have a big influence on market dynamics.
For several years now, exchanges like Binance and Coinbase have rocked markets whenever they list relatively illiquid tokens for trading, often resulting in parabolic upward moves. Receiving an exchange listing is generally seen as positive news for token projects, but exchanges have occasionally come under fire over suspected insider trading incidents (as exchange employees tend to know about token listings ahead of the public, they can theoretically front-run the market by buying assets before they go live). In July, the Department of Justice and Securities and Exchange Commission charged a former Coinbase employee and two of his associates for alleged insider trading; the Coinbase alum has pleaded not guilty.
GMX is a fast-growing decentralized trading venue specializing in perpetual futures. Built on the Ethereum Layer 2 network Arbitrum and Avalanche, it offers DeFi traders up to 30x leverage on BTC, ETH, and other assets. According to the GMX website, it currently holds about $741 million in assets under management. GMX launched toward the tail end of the recent crypto bull run in late 2021, but as it’s grown in popularity, the GMX token has outperformed most other crypto assets. It took a beating after the June liquidity crisis, bottoming at around $11.53. Since then, it’s surged more than 370% while other assets like BTC and ETH struggle within a tight range.
Read Crypto Briefing’s GMX product review here.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
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