In the Avalanche ecosystem, AVAX and GMX tokens have been exhibiting positive price trends recently. However, there is a notable difference in the number of profit-earning holders.
AVAX Holders in Profit!
According to IntoTheBlock data, more than 66% of AVAX token holders were making a profit from the Avalanche ecosystem at the time of writing. Furthermore, according to CoinMarketCap, the circulating supply of AVAX was over 365 million, with a total supply exceeding 433 million. GMX also ranked second in terms of the highest number of investors making a profit, with about 42% achieving gains.
At the time of writing, the circulating supply of GMX was approximately 9.2 million, and the total supply was around 9.7 million. Dominant price trends have influenced the observed profitability of these tokens. Analysis of daily price trends revealed that statistics from IntoTheBlock were consistent with expected outcomes. A review of AVAX showed a steady increase since mid-October.
Token charts indicated a rise from $9 to $22, marking a significant increase of over 100% from October 13 until the period the article was written. At the time of this report’s publication, AVAX was trading around $22.1, showing a decrease of less than 1%. AVAX’s ability to continue its upward trend for five days before the current decline might be noteworthy.
Positive Course for GMX
In addition, GMX has also displayed positive trends in recent weeks, although its upward movement was less pronounced compared to AVAX. At the time this article was written, GMX was trading with a loss of over 1%, and its price was hovering around $51.7. Recently, the total value locked (TVL) in Avalanche has experienced a modest uptrend. The uptrend is attributed to the increasing value of AVAX and contributions from various chains within the network.
An examination of the mentioned chains revealed significant growth in TVLs over the past few weeks. It emerged as the leading chain with an impressive increase of over 65% in the past month. Similarly, Trader Joe also experienced a substantial rise, approaching 40%. According to the latest data, GMX maintained its position as the fourth-largest contributor to TVL, despite achieving less than 1% growth in the past month.
