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AVAX, GMX holders in profit – but there’s more to the story

2min Read

While AVAX witnessed an increase of 100% over the past few weeks, GMX has seen a slower trend. 

AVAX, GMX holders in profit - but there's more to the story

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  • 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.

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. 

Avalanche price trend

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.

GMX price trend

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.


Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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