{"id":165822,"date":"2023-09-30T20:04:57","date_gmt":"2023-09-30T14:34:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=165822"},"modified":"2023-09-30T20:04:57","modified_gmt":"2023-09-30T14:34:57","slug":"whats-behind-gmxs-rising-v2-traction-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/whats-behind-gmxs-rising-v2-traction-crypto-news\/","title":{"rendered":"What&#8217;s behind GMX&#8217;s rising V2 traction? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"single-post-author-top\">\n<p>\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" data-del=\"avatar\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/04\/image-80x80.jpeg\" class=\"avatar pp-user-avatar avatar-48 photo \" height=\"48\" width=\"48\" \/><\/p>\n<p>Journalist<\/p>\n<\/p><\/div>\n<p>\t\t\t\t\t\t\t\t<span class=\"mvp-post-date updated\">Posted: September 30, 2023<br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span><\/p>\n<\/p><\/div>\n<div>\n<p>\t\t\t\t\t\t<br style=\"clear: both;float: none\" \/><\/p>\n<ul>\n<li><em>GMX V2 saw a surge in network activity on 28 September.<\/em><\/li>\n<li><em>This was due to the launch of GMX quests a few days prior.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The V2 iteration of popular perpetuals DEX decentralized exchange (DEX) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/gmx\" data-wpel-link=\"internal\">GMX<\/a> witnessed a notable tick in network activity on 28 September.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\">\u00a0Is your portfolio green? Check out the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/gmx-price-prediction\" data-wpel-link=\"internal\">GMX Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">As noted in a recent post on X (formerly Twitter), crypto research analyst Flowslikeosmo found that the DEX saw an influx of 8,390 new users and 855 returning users on that day.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24GMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">$GMX<\/a> V2 is currently experiencing its largest influx of both new and returning users since its initial launch. \ud83e\uded0<\/p>\n<p>8.39k new users vs. 855 returning users yesterday. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/UW3rEe7uYM\" data-wpel-link=\"external\">pic.twitter.com\/UW3rEe7uYM<\/a><\/p>\n<p>\u2014 Emperor Osmo\ud83e\uddea (@Flowslikeosmo) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Flowslikeosmo\/status\/1707817605241909437?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">September 29, 2023<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">This represented its highest count of new users and daily active addresses since the second iteration of the DEX went live on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/ARB\" data-wpel-link=\"internal\">Arbitrum [ARB]<\/a> on 6 August.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">GMX V2 beta is Live on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/arbitrum?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">@Arbitrum<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/avax?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">@Avax<\/a>! \ud83e\uded0<\/p>\n<p>-&gt; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/03RhM4LBou\" data-wpel-link=\"external\">https:\/\/t.co\/03RhM4LBou<\/a><\/p>\n<p>\u2013 New assets are available for trading<br \/>\u2013 Multiple collateral types can be used<br \/>\u2013 Faster execution speed &amp; lower slippage<br \/>\u2013 Low-fee swaps and trades<br \/>\u2013 Isolated pools<br \/>\u2013 OI balancing and Swap incentives<\/p>\n<p>1\/5 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Q8QDdd0686\" data-wpel-link=\"external\">pic.twitter.com\/Q8QDdd0686<\/a><\/p>\n<p>\u2014 GMX \ud83e\uded0 (@GMX_IO) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GMX_IO\/status\/1688201041156718592?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">August 6, 2023<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">This surge was believed to be a direct result of the recent introduction of GMX quests through the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Ifm6wXqIy5\" data-wpel-link=\"external\">Arbitrum Odyssey campaign<\/a> just a few days ago.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The new demand for the protocol due to the quests pushed the daily count of active traders on GMX V2 to 14,170 on 29 September. This marked its daily highest count of unique wallet addresses that have completed trades on the platform since it launched in August.<\/span><\/p>\n<div id=\"attachment_347547\" style=\"width: 1162px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-30-at-07.24.12.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-347547\" class=\"size-full wp-image-347547\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"1152\" height=\"1026\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-30-at-07.24.12.png 1152w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-30-at-07.24.12-300x267.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-30-at-07.24.12-1024x912.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-30-at-07.24.12-768x684.png 768w\" data-lazy-sizes=\"(max-width: 1152px) 100vw, 1152px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-30-at-07.24.12.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-347547\" class=\"size-full wp-image-347547\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-30-at-07.24.12.png\" alt=\"\" width=\"1152\" height=\"1026\" \/><\/a><\/p>\n<p id=\"caption-attachment-347547\" class=\"wp-caption-text\">Source: Artemis<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">In contrast, GMX V1 recorded only 2,910 active wallet addresses on the same day.\u00a0<\/span><\/p>\n<h4><b>Bulls smile on GMX<\/b><\/h4>\n<p><span style=\"font-weight: 400\">New demand for the protocol\u2019s token in the last week pushed its value to see double-digit gains during that period. At press time, GMX traded at $38.78, growing by 12% in the past seven days.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Due to the increased demand, the token\u2019s key momentum indicators observed on a daily chart approached overbought highs as of this writing. For example, the Relative Strength Index (RSI) was 73.50. Also, its Money Flow Index (MFI) was 64.22.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Further, GMX\u2019s Chaikin Money Flow (CMF) was spotted at 0.23. Above the center line and positive at press time, the token saw capital inflow on the spot market.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\">How much are\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/1-gmx-to-usd\" data-wpel-link=\"internal\">1,10,100 GMXs worth today<\/a>?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">However, GMX\u2019s price traded above the upper band of its Bollinger Bands indicator. While this showed increased buying pressure, when an asset\u2019s price trades above the upper band, it signals that the market is becoming overheated and that a pullback is likely. <\/span><\/p>\n<p><span style=\"font-weight: 400\">This is because the price is rising above the average price and becoming more volatile.<\/span><\/p>\n<div id=\"attachment_347531\" style=\"width: 2570px\" class=\"wp-caption alignnone\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/GMXUSDT_2023-09-30_07-05-45.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-347531\" class=\"size-full wp-image-347531\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"2560\" height=\"1101\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/GMXUSDT_2023-09-30_07-05-45.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/GMXUSDT_2023-09-30_07-05-45-300x129.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/GMXUSDT_2023-09-30_07-05-45-1024x441.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/GMXUSDT_2023-09-30_07-05-45-768x330.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/GMXUSDT_2023-09-30_07-05-45-1536x661.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/GMXUSDT_2023-09-30_07-05-45-2048x881.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/GMXUSDT_2023-09-30_07-05-45.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-347531\" class=\"size-full wp-image-347531\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/GMXUSDT_2023-09-30_07-05-45.png\" alt=\"\" width=\"2560\" height=\"1101\" \/><\/a><\/p>\n<p id=\"caption-attachment-347531\" class=\"wp-caption-text\">Source: GMX\/USD, TradingView<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Journalist Posted: September 30, 2023 GMX V2 saw a surge in network activity on 28 September. This was due to the launch of GMX quests a few days prior. The V2 iteration of popular perpetuals DEX decentralized exchange (DEX) GMX witnessed a notable tick in network activity on 28 September.\u00a0 \u00a0Is your portfolio green? Check [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":165823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-165822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=165822"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165822\/revisions"}],"predecessor-version":[{"id":165825,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165822\/revisions\/165825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/165823"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=165822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=165822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=165822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}