AVAX and GMX tokens in the Avalanche ecosystem have recently shown positive price trends. However, there is a significant difference in the number of profit-making holders.
According to IntoTheBlock data, more than 66% of AVAX token holders were making a profit while this article was being written. According to CoinMarketCap, AVAX had a circulating supply of over 365 million and a total supply of over 433 million. GMX ranked second in terms of the number of profitable investors, with approximately 42% of them making gains.
At the time of writing, the circulating supply of GMX was around 9.2 million, with a total supply of around 9.7 million. Dominant price trends have had an impact on the observed profitability of these tokens. Analysis of daily price trends has shown that statistics from IntoTheBlock have been consistent with expected results. It has been observed that AVAX has shown a steady increase since mid-October.
Token charts indicated a more than 100% increase from $9 to $22 from October 13 to the time of writing this article. At the time of publication of this report, AVAX was trading around $22.1 and showing less than a 1% decrease. AVAX’s ability to maintain its upward trend for the past five days before the current decrease may be noteworthy.
Additionally, GMX has also shown positive trends in recent weeks, although its upward movement has been less pronounced compared to AVAX. At the time of writing this article, GMX was trading with a loss of more than 1% and fluctuating around $51.7. Recently, there has been a modest upward trend in the Total Value Locked (TVL) in Avalanche. This increase is attributed to the increasing value of AVAX and contributions from various chains within the ecosystem.