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

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

“Whales/institutions are actively purchasing GMX, leading to a ~24% increase in GMX price within two days. Six new wallets have withdrawn a total of 344,502 GMX ($15.3 million) from Binance in the same time frame.”

The wallets involved in these transactions are:

– 0x68fdea13878d7ce741cc596db55564909d9ecc8a
– 0x4f63bce375be7785c5f6432ae601d5a2f440559c
– 0x2f0220b802b4267380ba7ae316f089be31f2579b
– 0x7ee198de1478257c7a23d879bea00f96a853eec1
– 0x28b2172086a4efa589becaad522a9526f59d07d0
– 0x441f9c411339a11f1dcd9f6e8ad736e21b290fc0

As of the latest update, GMX is trading at $38.51, showing a 2.73% decrease in the past day.

Lookonchain has also identified a whale currently accumulating the meme coin PEPE, with a focus on the frog-themed token from the Kraken exchange.

“A whale has purchased 231.6 billion PEPE ($2.9 million) from Kraken once more. This whale has accumulated a total of 750.34 billion PEPE ($8.34 million) from Kraken at an average price of $0.00001111 since March 16th.”

During a recent market correction, Lookonchain observed that Nascent, a crypto investment firm, acquired over $5.85 million worth of PEPE.

At the moment, PEPE is trading at $0.0000125, reflecting a 13% decrease in the last week.

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