The GMX token has reportedly experienced a huge rally in the past 24 hours. The recent rally was not to be considered a typical one but of real significance.
The entire GMX community rejoiced as they saw the trading price of the GMX tokens hitting its second-highest level. The highest trading level the GMX token had hit was back in December 2021.
Since then, the trading price of the GMX token was moving in the same territory as the rest of the cryptocurrencies.
GMX’s Potential is being recognized
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It seems that finally, the true potential of the GMX token is being realized across the board. This is why more investors have started to rally in favor of the decentralized exchange (DEX) token.
According to market observers and experts, the GMX toke has the ability to rival any major network. However, the network that seems to be on the hit list of the GMX platform is Uniswap.
In the recent trading sessions, the GMX token has proven its might to Uniswap’s UNI as well. This is a major achievement for the asset as it is now rivaling some of the major crypto protocols.
Until now, the protocol was not taken seriously by the majority of the protocols. The recent achievement of the asset is definitely going to alert the current and potential rivals.
According to many market analysts, it is about time Uniswap also takes GMX seriously and treats it as a formidable foe.
Performance of the GMX Token
The price chart shows that on November 29, the trading price of the GMX token rose to a high of $54.50. Prior to hitting the high trading price, the value of the asset was recorded at a low of $40.50.
Within a span of 24 hours, the trading price of the GMX token experienced a major pump. In terms of growth scale, the value of the asset surged by 35% in the mentioned interval.
Right after the trading price of the GMX token rose to a significantly higher figure than its previous sessions, Delphi Digital praised it on Twitter.
Turns out, Delphi Digital, a major crypto research firm was paying very close attention to the GMX token. Just as its price hit the higher note, Delphi tweeted that Uniswap was defeated.
The platform tweeted that the decentralized protocol “GMX” had successfully overtaken the Uniswap protocol. It also mentioned that it was the very first time the GMX token was able to do it.
Daily Trading Fees Comparison
The team at Delphi Digital also shared the reason why they were claiming GMX had overtaken Uniswap.
They revealed that the daily trading fees collected by the GMX token on November 28 were $1.15 million. On the other hand, the daily trading fees recorded for Uniswap on the same day were $1.06 million.
Thus, the GMX token was able to win against the Uniswap protocol for the first time since it made it to the mainnet.
A Major Factor that Pumped GMX
GMX token is not the only decentralized asset that has experienced a major boost in recent trading sessions. Other decentralized protocols have also benefited significantly, experiencing boosts in their prices.
This is because of the constant rise in discontent among the investors for the centralized exchanges and protocols.
The FTX exchange was a centralized exchange run by Sam Bankman-Fried, and its native token is FTX Token (FTT). Just when the centralized exchange went down, it also caused a major crash in the FTT.
As a result, investors have continued to lose their trust and confidence in centralized networks. They are now eager to invest in assets that are decentralized and the GMX token is benefiting from that.
Investors are constantly moving toward decentralized firms and tokens avoiding the centralized networks for good.
The investors may not change their behavior against the centralized protocols for a long time providing opportunities for protocols like the GMX token to shine instead.