Flow

According to the most recent Dune statistics, GMX’s volume has dropped from 90% market domination to 40% since November 10.&nbsp; In terms of revenue and fees, a drop equal to GMX’s market domination was also observed. According to Token Terminal, GMX’s fees and revenue have been declining over the last 30 days. This was worrying because it indicated a decrease in GMX utilization. 
It’s worth noting that, despite the decline in revenue, the GMX network’s value has stayed stable. According to DeFiLlama’s chart, GMX’s TVL has been idle for quite some time, but the good news is that it has not plummeted. But, will reliable TVL be enough to entice additional users to join the network, hence increasing revenue? 
The token’s price appeared to be playing a role in luring new users, since it has been optimistic. The token’s price has climbed by more than 5% in the last seven days, according to CoinMarketCap. The coin was trading at $77.71 at the time of writing, with a market capitalization of nearly $669 million. This expansion occurred during a period when investor interest in DEX tokens was at an all-time low.&nbsp; 
A study at the token’s daily chart reveals a few market signs that point to a further climb. The Exponential Moving Average (EMA) Ribbon, for example, indicated a bullish advantage in the market because the 20-day EMA was above the 55-day EMA. 
After falling, GMX’s Relative Strength Index (RSI) reported a minor increase and remained over the neutral level, indicating optimism. The remainder of the signs, however, suggested differently. The token’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) both fell, perhaps putting an end to the cryptocurrency’s advances in the near term.&nbsp; 
Even if the price of GMX continues to grow, concerns remain. According to Token Terminal data, the number of daily active users on GMX has dropped dramatically in the previous month. The network’s revenue may have suffered as a result of the reduction.&nbsp; 
&nbsp;Sentiment on the token was overwhelmingly unfavorable for the majority of the month, as evidenced by its weighted emotions. The coin’s volume has decreased, indicating that investors are less interested in trading the token. Furthermore, GMX’s network growth slowed, indicating danger. 
&nbsp; 
The post <a rel="nofollow" href="https://bitcoinworld.co.in/though-gmxs-market-dominance-declines-whats-behind-its-price-pump/">Though GMX’s Market Dominance Declines, What’s Behind its Price Pump</a> appeared first on <a rel="nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Though GMX’s Market Dominance Declines, What’s Behind its Price Pump

ItsBitcoinWorld

Outros artigos publicados em 11 de abr. de 2023

🗒 Daily Newsletter | Tuesday, Apr 11, 2023

ChainLink price analysis: LINK obtains bullish momentum at $7.3

Empowering European metaverse: France boldly challenges web giants’ dominance

Justin Sun Denies Rumors Of His Arrest in Hong Kong

Bitget's New Fund to Invest $100 Million in Next-Gen Web3 Projects

France Launches Consultation to Make a Metaverse Framework “A La Francais”

Join our free newsletter for daily crypto updates!