GMX’s new all-time high in user fees was more than double its previous ATH. The native token was up 6% at press time as bullish sentiments prevailed. According to a tweet by DeFiLlama on 11 February, GMX, a decentralized exchange for spot and perpetual contracts, hit its new all-time high (ATH) in user fees at […]
Another magnetic factor of GMX is the portion of the transaction fee that is allocated to holders of the native token. GMX users receive 30% of the total fees generated on the protocol. This was evident in the vertical rise in revenue for the token holders which followed the rise in fees.Source: Token TerminalThe growth in revenue was reflected in the price of GMX as well. At the time of writing, GMX jumped 5% over the past 24 hours to trade at $66.
The Relative Strength Index was well above the neutral 50 mark and moved sideways, suggesting that bulls could take over the market again. The On Balance Volume moved in an ascending trajectory signaling capital inflow into the market. Though the Moving Average Convergence Divergence was below the signal line, a bullish crossover seemed likely.The weighted sentiment and social buzz for GMX lifted with the rise in the protocol fees, as revealed by data from Santiment. This lent credence to the bullish narrative of the token.
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