Lookonchain, a blockchain tracking company, has reported that whales, potentially institutional investors, are accumulating an alternative coin from a decentralized exchange (DEX).

Fresh wallets have been observed accumulating the native token of GMX, a DEX that functions on the Arbitrum and Avalanche blockchains, allowing spot and leveraged trading. Lookonchain noted that these entities have acquired over $15 million worth of GMX from Binance.

The price of GMX has surged by approximately 24% in just two days, indicating significant interest from whales/institutions. Six new wallets have withdrawn a total of 344,502 GMX ($15.3 million) from Binance within this short period.

Some of the wallet addresses involved in this transaction include:
– 0x68fdea13878d7ce741cc596db55564909d9ecc8a
– 0x4f63bce375be7785c5f6432ae601d5a2f440559c
– 0x2f0220b802b4267380ba7ae316f089be31f2579b
– 0x7ee198de1478257c7a23d879bea00f96a853eec1
– 0x28b2172086a4efa589becaad522a9526f59d07d0
– 0x441f9c411339a11f1dcd9f6e8ad736e21b290fc0

GMX is currently trading at $38.51, experiencing a slight 2.73% decline in the last day.

Furthermore, Lookonchain has identified another whale engaging in an accumulation phase, this time focusing on the meme coin Pepe from the Kraken exchange.

The whale has purchased a substantial amount of PEPE, totaling 231.6 billion PEPE ($2.9 million) from Kraken. Since March 16th, the whale has acquired a total of 750.34 billion PEPE ($8.34 million) at an average price of $0.00001111.

During a recent market correction, Nascent, a crypto investment firm, purchased over $5.85 million worth of PEPE, indicating continued interest in the meme coin.

PEPE is currently trading at $0.0000125, showing a 13% decrease in the past week.

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