AVAX, GMX holders in profit – but there’s more to the story
- AVAX and GMX have over 60% and over 40% holders holding in profit, respectively.
- AVAX has increased by over 100% in value in the last two months.
The AVAX and GMX tokens within the Avalanche ecosystem showcased positive price trends at press time, yet a notable contrast existed in the number of holders experiencing profits.
More AVAX in profit than GMX
As per IntoTheBlock’s data, more than 66% of AVAX token holders were profiting within the Avalanche ecosystem at press time.
Moreover, AMBCrypto found that the circulating supply of AVAX stood at over 365 million at press time, with a total supply of over 433 million, according to CoinMarketCap.
66% of $AVAX holders are in profit, the highest of top tokens in the Avalanche ecosystem. $GMX and $Joe are also showing good profit ratios, though a larger share of their holders are still in the red. pic.twitter.com/1kflaii0sZ
— IntoTheBlock (@intotheblock) December 2, 2023
In the case of GMX, it ranked second in terms of the highest number of holders in profit, standing at approximately 42% at press time.
GMX had a circulating supply of around 9.2 million at the time of this writing, with a total supply of around 9.7 million. The prevailing price trends influenced the observed profitability of these tokens.
Avalanche and GMX display varying uptrends
AMBCrypto found that the statistics from IntoTheBlock aligned with the expected outcomes when analyzing the daily timeframe price trends. An examination of AVAX revealed a steady increase since mid-October.
The chart showed a climb from around $9 to the press time range of $22. This price range tool indicated a remarkable surge of over 100% from 13 October to the time of writing.
Source: TradingView
At the time of this report, AVAX was trading at around $22.1, displaying a minor decline of less than 1%. Notably, AVAX sustained an upward trajectory for the preceding five days before the current decline.
Additionally, GMX also exhibited positive trends over recent weeks. However, its upward movement was less pronounced compared to AVAX. As of this writing, GMX was trading at a loss of over 1%, and its price was around $51.7.
Source: TradingView
Avalanche sees growth with a minor GMX contribution
Lately, the Total Value Locked (TVL) in Avalanche has experienced a modest uptrend. The uptrend is attributed to the rising value of AVAX and the contributions of various chains within the network.
An examination of these chains revealed notable growth in their TVLs over the past few weeks.
Read Avalanche’s [AVAX] Price Prediction 2023-24
Benqi emerged as the leading chain, displaying an impressive over 65% increase in the last month. Similarly, Trader Joe experienced a significant uptick, approaching a 40% increase.
As of the latest data, GMX held the position of the fourth-largest contributor, albeit with a TVL growth of less than 1% in the past month.
