Lookonchain Monitoring Reports Massive Sale of GMX and GNS by a Giant Whale

04/11/2023 05:07 • Tech Trends • 84 views

According to reports, Lookonchain monitoring shows that a giant whale sold all GMX and GNS purchased from Coin An a month ago today. This includes receiving 41302 GMXs (approximately $3.05 million) from Coin An for $74, and selling 1696 ETHs ($3.26 million) at the address for $79, resulting in a profit of $214000; Received 59064 GNS (approximately $493000) from Coin An for $8.36, and sold 211 ETHs ($405000) at the address for $6.86, resulting in a loss of approximately $88000.

A giant whale sold all GMX and GNS purchased from Coin An a month ago, earning a profit of approximately $130000

Are you an investor in GMX or GNS? If so, you may want to pay attention to the recent news reported by Lookonchain monitoring. According to their data, a giant whale sold all the GMX and GNS purchased from Coin An a month ago today. Let’s dive deeper into what exactly happened and what it may mean for investors.

The GMX and GNS Sale on Coin An

A month ago today, Coin An sold 41302 GMXs to a giant whale for $74 each. This amounted to a total of approximately $3.05 million. The whale then sold 1696 ETHs at the same address for $79 each, resulting in a profit of $214,000. Additionally, the whale received 59064 GNSs from Coin An for $8.36 each, which amounted to approximately $493,000. However, the whale then sold 211 ETHs at the same address for only $6.86 each, resulting in a loss of approximately $88,000.

What is GMX?

GMX is a decentralized platform that aims to make trading and investing more accessible and democratic. It is built on the Ethereum blockchain and provides users with a variety of tools such as an automated market maker, staking, and yield farming.

What is GNS?

GNS is a governance token used by the Genesis DAO, which is a protocol that aims to make on-chain governance more efficient and transparent. It is also built on the Ethereum blockchain and allows users to vote on proposals and decisions within the protocol.

What Does This Mean for Investors?

The news of the giant whale selling all their GMX and GNS may cause some panic among investors in these assets. However, it’s important to note that this sale does not necessarily indicate a lack of faith in the projects themselves. There could be a variety of reasons why the whale decided to sell, including the need for liquidity or simply wanting to take profits.
It’s also worth mentioning that the crypto market is highly volatile, and there is always a risk of significant price fluctuations. As such, investors should always do their due diligence and not invest more than they can afford to lose.

Conclusion

The recent sale of GMX and GNS by a giant whale is certainly noteworthy and may cause some concern among investors. However, it’s important to keep things in perspective and remember that the crypto market is highly volatile. As always, investors should do their own research and make informed decisions when investing in these assets.

FAQ

#What is a giant whale in the crypto world?

A giant whale refers to an individual or entity that holds a significant amount of a particular cryptocurrency. These individuals or entities can have a large impact on the market due to their ability to buy or sell large amounts of assets at once.

#Why is the fact that the whale sold all their GMX and GNS significant?

The whale’s sale of their GMX and GNS may be significant because it could indicate a lack of confidence in these assets. However, it’s important to note that there could be a variety of reasons why the whale decided to sell, and it doesn’t necessarily mean that the projects themselves are no longer viable.

#Should I be worried if I hold GMX or GNS?

As with any investment, there is always a risk involved. However, the fact that a whale sold their GMX and GNS does not necessarily mean that the projects themselves are no longer viable. It’s important to do your own research and make informed decisions when investing in these assets.
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