{"id":523379,"date":"2023-03-16T12:30:29","date_gmt":"2023-03-16T12:30:29","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=523379"},"modified":"2024-06-11T14:34:21","modified_gmt":"2024-06-11T14:34:21","slug":"gmx-token-keeps-rising-as-crypto-market-sees-correction","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/gmx-token-keeps-rising-as-crypto-market-sees-correction\/","title":{"rendered":"GMX Token Keeps Rising As Crypto Market Sees Correction"},"content":{"rendered":"
Just a few days ago, the cryptocurrency market soared at the peak of a banking crisis in the United States. However, it appears the rally has halted as the global cryptocurrency market <\/span>declined<\/span> and has reflected in most coin prices. But despite the pullback, the GMX token continued to soar, with a 14% price increase over the past 24 hours.<\/span><\/p>\n From year-to-date to 24-hour gain, <\/span>GMX shows parallel price gains<\/span>, with <\/span>a 22.27% 7-day price<\/span> surge and a 22.07% increase over the past 30 days. The token appears to be soaring while resisting the bears as it gears up for more price gains.<\/span><\/p>\n Since the crypto market sentiment has declined over the past 48 hours, GMX must have another factor pushing its price and the GMX network’s <\/span>weekly rewards distribution<\/span><\/a> might be among them. At press time, GMX has rolled out over $7.6 million in AVAX, ARB, and GMX-ETH as user rewards.\u00a0<\/span><\/p>\n Related Reading: US Fed To Launch FedNow In July, Countering Ripple?<\/a><\/p>\n Users only have to buy and stake GMX against GLP to qualify for the incentives. According to the update on the GMX official Twitter page, users can earn a 12% APR yield (10% ETH and 2% esGMX) on GMX stakes. <\/span><\/p>\n Also, the decentralized perpetual exchange offers 52% APR on GLP\/ARB and 42% on GLP\/AVAX stakes.\u00a0<\/span>This offering draws more traffic to GMX, evident in its recent price actions.\u00a0<\/span><\/p>\n GMX token has not only gained price, but its trading volume also increased, suggesting more network activity. At the time of writing, GMX has recorded<\/a> a 126.57% rise in trading volumes over the past 24 hours. <\/span><\/p>\n Earlier on March 15, the trading volume was at $84.36 million before it witnessed a sharp spike to $129.92 million. Today, GMX now has over $230 million in trading volume.<\/span><\/p>\n These numbers further confirm the above assumption since a rise in trading volume often indicates that more users are coming to the network or existing ones have increased their activities.<\/span><\/p>\nWhy Is GMX Price Moving Opposite Current Market Sentiment?<\/h2>\n