The native token of decentralized exchange (DEX) GMX surged briefly to a record high of $60.45 after listing news from Binance on Oct. 5.
At the time of press and amid rising interest from traders betting on the project’s growth, the token saw a 39% bump in the span of just a few hours.
GMX is a DEX that allows users to trade spot and perpetual futures using its on-chain trading interface at low fees. The DEX runs on Arbitrum and Avalanche and aids users in borrowing up to 30x their initial margin to increase futures betting. GMX receives aggregated prices for its assets using Chainlink price oracles.
Binance listing followed by retail euphoria
A Binance blog revealed that the exchange is set to list GMX in the Innovation Zone and will open trading for its BTC, BUSD, and USDT trading pairs at 10:00 UTC on Oct.5.
Binance users have started depositing GMX in preparation for trading, while withdrawals opened at 10:00 UTC on Oct. 5.
In tandem with the listing revelation, GMX also saw heightened social interest. Data from LunarCrush highlighted that in the current top 10 coins, GMX took the second spot right after Dogecoin.
The aforementioned ranking measures a coin’s performance relative to the entire crypto market.
TVL and price on the rise
A look at GMX’s price chart highlighted heightened retail euphoria as the altcoin spiked nearly 50% in just one day. The RSI took off, entering the overbought zone and presenting a high concentration of buyers.
The token has recently made many similar 1-day price rallies to take it above key resistance levels.
Furthermore, data from DeFiLlama highlighted a healthy uptick in GMX’s total value locked which stood at all-time high levels of $814.17 million.
However, the project’s market cap was yet to witness a similar surge and oscillated at $320 million.
In the near term, if retailers keep the euphoria alive, the token can likely continue to rally. However, if the bullish setup fails, a pullback to the $44 and possibly the $37 support levels could be expected.
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