GMX Price Prediction 2023: Can GMX reach $100?
Read the latest GMX Price Prediction, 2023, 2025 and 2030 in detail
Current Price of GMX
GMX Price Prediction 2023: Is GMX a Good Investment?
GMX is a decentralized cryptocurrency exchange that offers spot- and perpetual trading and leverage trading services on the Arbitrum Layer 2 protocol and the Avalanche blockchain. The exchange has a multi-asset automated market maker (AMM) model that enables liquidity providers to invest in on-platform index assets and receive GLP, the platform’s liquidity cryptocurrency. GMX token holders can vote on platform proposals and stake their tokens for rewards, including escrowed GMX, multiplier points, and standard rewards in ETH or AVAX. GLP is used primarily for liquidity provision and acts as a deposit certificate for liquidity providers’ investments.
GMX is an exchange governance token that can be staked to receive 30% of platform fees in esGMX, Multiplier Points, ETH (for stakers on Arbitrum), or AVAX (for stakers on Avalanche). esGMX can be staked for rewards and vested over a year to become GMX tokens. Multiplier Points can be compounded to boost ETH or AVAX rewards and may have future bonus benefits. GLP Token is the platform’s native liquidity provider token and can be staked to earn esGMX and ETH rewards over time, with GLP stakers receiving 70% of GMX’s accrued fees.
How is GMX Different?
GMX is one of the multiple Defi exchanges offering perpetual futures. Added to it, it will be competing with all the centralized exchanges that have expanded their market rapidly. Therefore, what does GMX has to offer to the ones using it?
- On the GMX exchange, an investor can go long, short, or simply swap the tokens on spot.
- Unlike other DEX where borrowing from the liquidity pool happens from just one entity, in GMX borrowing takes place from the pool containing multiple entities like BTC, ETH, USDC, DAI, USDT, FRAX, UNI, and LINK.
- GMX offers both spot and perpetual settlement.
The volume of swaps on GMX has grown substantially. The average daily trading on GMX is reported to have surpassed $150M. In 2021, there were roughly $57T perpetual swaps traded.
Some of the Competitors of GMX are:
- VVS Finance
Overall, GMX is a Good Case for Investment
Can GMX Reach $100?
GMX needs to grow by around 1.65 times from its current market price to reach a price level of $100.
GMX reached its all-time high price of $72 in February 2023. Also, it grew by nearly 2.72 times in just 3 months (from the lowest value of 26.4 in November 2022). Thus, it grew by around 0.9 times in one month.
Therefore, to reach $100, GMX just needs less than 2 months.
However, it will certainly take more time depending upon the market conditions of liquidity and inflation. But, reaching $100 is indeed an easy target for GMX considering its current growth.
Will GMX Reach $1000?
To reach a price level of $1000, GMX requires to grow by roughly 16.5 times its current value.
As we discussed that GMX took 3 months to grow by around 2.72 times, thus, considering its 0.9 times growth in one month, we can assume that GMX coin will certainly need at least 18.3 months to reach a price level of $1000.
Again, various economic factors will play an important role in deciding GMX’s price in the coming future. Therefore, it might take more time than expected to reach $1000.
GMX Price Prediction 2023, 2025 and 2030
GMX Price Prediction 2023 is $135
GMX Price Prediction 2025 is $244
GMX Price Prediction 2030 is $1039
GMX Price Prediction Today
|1. Market's Wisdom||Partially Positive|
|1a. Market Data||Partially Positive|
|1b. Technical Recommendation||Neutral|
|2. Crowd's Wisdom||Neutral|
|2a. Social Media Buzz||Steady|
|2b. Social Media Sentiment||Neutral|
GMX Price Prediction: Where to Buy?
GMX token is available on limited exchanges. Here are a few exchanges where GMX is listed for trade Binance, Bybit, MEXC, BingX, and Bitget.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions.