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

Tue, 04/11/2023 - 12:55
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Yuri Molchan
Mysterious whale has gained millions of USD in Ethereum after selling his altcoins, here's how much he earned
$3 Million in Ethereum Made by This 'Smart Money' on GMX and GNS, Here's How
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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.

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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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at