$3 Million in Ethereum Made by This 'Smart Money' on GMX and GNS, Here's How

Crypto tracking account @lookonchain has spotted a "Smart Money" wallet that made a healthy profit on their $GMX and GNX coins within less than an hour.

Whale sells GNS and $GMX bought on Binance

The crypto tracker shared that this anonymous whale had dumped their Gains Network (GNS) and $GMX ($GMX) tokens bought on the Binance exchange approximately one month ago.

According to the tweet, this whale bought 41,302 $GMX on Binance for $74 each, paying $3.05 million in total for that. He then sold it earlier today on the Uniswap DEX at $79 per each $GMX, making 1,696 Ethereum worth $2.26 million in total. His net profit was $214,000.

As for GNX, he bought it on Binance, paying $8.36 per coin, and now sold them for $6.86. He made 211 Ethereum (or $405,000), thus losing approximately $88,000.

A whale sold all the $GNS and $GMX bought from #Binance 1 month ago.

Received 41,302 $GMX($3.05M) from #Binance at $74, and sold for 1,696 $ETH($3.26M) at $79, made ~$214K.

Received 59,064 $GNS($493K) from #Binance at $8.36 and sold for 211 $ETH($405K) at $6.86, lost ~$88K. pic.twitter.com/g3RV7I65zs

— Lookonchain (@lookonchain) April 11, 2023

Another whale capitalizing on $GMX sale

In a later published tweet, Lookonchain also reported about another Smart Money wallet, who also made some profit from selling its $GMX tokens.

He had bought 5 $GMX for 404,403 $USDC four hours ago, paying $79.24 per coin. He also sold 1,645 $GMX he had acquired on Feb. 11 at $61 per coin (spending 99,940 $USDC on that), earning 107,017 $USDC. His total profit was roughly $7,000.

On Jan. 11 and Feb. 3, the same whale sold 8,403 $GMX at $53 per coin, making $141,000. He bought that amount of $GMX from late October through early January at $36 per $GMX token.

$GMX is currently trading at $79.18 after a marginal rise over the past 24 hours, according to data provided by CoinMarketCap. As for GNS, this token is changing hands at $6.79.

A SmartMoney bought 5,104 $GMX with 404,403 $USDC at $79.24 4 hrs ago.

Bought 1,645 $GMX with 99,940 $USDC at $61 on Feb 11 and sold for 107,017 $USDC at $65, made ~$7K.

Bought 8,403 $GMX at $36 from Oct 24, 2022 to Jan 4, 2023 and sold at $53on Jan 11 and Feb 3, made ~$141K. pic.twitter.com/xx07T7AV29

— Lookonchain (@lookonchain) April 11, 2023