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GMX Price Prediction 2024: What’s Next for GMX?

Last Updated February 22, 2024 11:35 AM
Peter Henn
Last Updated February 22, 2024 11:35 AM

Key Takeaways

  • The GMX token is the native crypto of the GMX exchange.
  • Can the token mount a comeback?
  • One GMX price prediction says that GMX can reach $134.47 in 2025.

The GMX token supports the GMX decentralized exchange. Although it was one of the few cryptocurrencies to rise throughout 2022, 2023 was a little less spectacular, with a rise that underperformed against the crypto market.

Following the announcement of a link with the Arbitrum (ARB) platform, investors will be hoping it can maintain its momentum.

GMX did not immediately respond to a request for comment.

But what is GMX? How does GMX work? Let’s see what we can find out, and also take a look at some of the GMX Price Predictions that were being made as of February 22, 2024.

GMX Price Prediction

Let’s look at some of the GMX price predictions being made on February 22, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $102.99 $121.84 $351.12
Prediction #2 $77.94 $107.76 $617.63
Prediction #3 $131.79 $178.86 $414.20

First, CoinCodex  had a short-term GMX price prediction that said the token would fall to $45.42 by February 27 and then recover to $48.70 on March 23. The site’s technical analysis was neutral, with 12 indicators sending bearish signals and 12 making bullish ones.  

GMX Price Prediction for 2024

DigitalCoinPrice  said GMX would reach $102.99 this year. PricePrediction.net  thought it would be worth $77.94. Bitnation  argued that the token would trade at $131.79 this year. 

GMX Price Prediction for 2025

Bitnation claimed GMX would reach $178.86 in 2025. DigitalCoinPrice was a little behind, saying it would stand at $121.84. PricePrediction.net said GMX would be worth $107.76 next year. 

GMX Price Prediction for 2030

Moving on to a more long-term GMX price prediction, PricePrediction.net said the token would reach $617.63 in 2030. Bitnation thought it would get to $414.20. DigitalCoinPrice had a GMX price forecast that said it would trade at $351.12 at the start of the next decade.

Google Gemini AI Price Prediction for GMX (as of February 20)

Google’s Gemini AI platform gave the following price prediction for GMX on February 22. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next 3 months)

  • Expected price: $64.44
  • Factors to Consider:
    • Overall market sentiment: The general sentiment towards the cryptocurrency market can significantly impact individual coin prices.
    • GMX-specific developments: New features, partnerships, or regulations related to GMX can influence its price.
    • Macroeconomic factors: Global economic events and interest rates can indirectly impact cryptocurrency prices.

Medium Term (Next 6 months)

  • Expected price: $97.25
  • Factors to Consider:
    • Overall cryptocurrency market sentiment: A bullish market generally leads to higher prices for all cryptocurrencies, including GMX.
    • GMX-specific news and developments: Positive news about the project, such as new partnerships or product launches, could drive the price up.
    • Regulatory environment: Changes in regulations could impact the price of GMX, both positively and negatively.
    • Macroeconomic factors: Global economic conditions, such as inflation and interest rates, can also affect the cryptocurrency market.

Long Term (Next 5 years)

  • Expected price: $60.48
  • Factors to Consider:
    • Overall crypto market trends: The success of GMX is partly tied to the general health of the cryptocurrency market. If the market experiences a bull run, GMX could benefit.
    • Adoption and use of the GMX platform: Increased adoption and use of the GMX platform for perpetual swaps and other features could drive demand for the token and push the price up.
    • Competition: The presence of competitors offering similar services could limit GMX’s growth and impact its price.
    • Regulatory environment: Changes in regulations regarding cryptocurrencies could also affect GMX’s price.

GMX Price History

Now, let’s examine the GMX price history . While we should never take past performance as an indicator of future results, knowing what the token has done can provide us with some very useful context if we want to make or interpret a GMX price prediction.

GMX launched in 2021 and, in September, it was worth about $15. It went up, and a freak spike meant it reached $217.32 on November 16. It soon fell down and it closed the year at $21.96.

2022 was a bad year for crypto, but a good one for GMX. Although it fell to below $15 in June, it was able to make a recovery to end the year at $41.57. An annual increase of nearly 90% would have been good news at any time, but compared to a market that fell more than 60%, GMX was one of the year’s best performers. 

GMX in 2023 and 2024

GMX has underperformed against the market in 2023. Nevertheless, it is still up by nearly 25% since the start of January. 

The token reached a high of $90.89 on April 18. It then fell down. The news that the United States Securities and Exchange Commission was suing the Binance and Coinbase crypto exchanges meant it fell to $41.73 on June 12.

Since then, it has made a small recovery. It peaked at $61.64 on July 14. This was in response to a court ruling that Ripple (XRP) was not a security if it was being traded on exchanges.

GMX price history
GMX price in 2023 and 2024 | Credit: CoinMarketCap

It entered a decline, falling to $30.20 on September 11. By October 5, it was worth about $38.40. It then ended 2023 at $55.05 and moved down in early 2024, reaching $46.82 on February 22, 2024.

At that time, there were about 9.5 million GMX in circulation, representing the total supply. This gave the token a market cap of $442.9 million, making it the 142nd largest crypto by that measurement. 

GMX Price Analysis

GMX Price Analysis
The GMX crypto is in an uptrend

The price of GMX fell to $30 on September 10 last year from a high of $90 in April. Since then, it recovered to $65 on January 3, 2024, followed by a downturn to $40 on January 23. 

This could have been the first uptrend and correction in a larger starting bull cycle for GMX. It is indicated by a five-wave pattern in the uptrend and a three-wave pattern in the downturn. 

GMX is currently in an uptrend from its January 23 low, reaching almost $50 on February 19. Should this rise continue, we will get a confirmation of the larger starting uptrend instead of the possibility that the decline might continue. 

The strongest signal would be if it overcomes $60, near the previous high. But if the price is above $50, that could be an early sign of a significant rise. However, since we are currently seeing signs of struggle, we could see a lower low if the price makes another downturn. 

Is GMX a Good Investment?

It is hard to say. The token underperformed, and it is hard to see it making a meaningful comeback any time soon. On the other hand, it has rallied before and the link with Arbitrum could help it.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in GMX.

Will GMX go up or down?

No one can really tell right now. While the GMX crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in GMX?

Before you decide whether or not to invest in GMX, you will have to do your own research, not only on GMX, but on other, related, coins and tokens such as Osmosis (OSMO) or Uniswap (UNI). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

From the Whitepaper

In its technical documentation, or whitepaper , GMX says that it aims to combine traditional crypto trading with other things.

It says: “GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.

“Trading is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees and leverage trading.

“Dynamic pricing is supported by Chainlink Oracles and an aggregate of prices from leading volume exchanges.”

GMX Explained

Decentralized exchanges (DEXes) are crypto exchanges that do not answer to a central authority. This means that people can trade the cryptocurrencies they want to trade, at a price set by the market. 

GMX  is a DEX with a difference. Founded in 2021 and originally called Gambit Exchange, GMX does not just offer people the change to trade crypto.

The network, which is based on the Avalance (AVAX) blockchain and Arbitrum (ARB) platform also features a futures trading facility. This means people can use leverage – money borrowed to trade – to speculate on what might happen to a crypto.

The GMX token supports the GMX DEX.

How GMX Works

GMX uses liquidity pools to help balance its books and enable people to trade. It also utilises the Chainlink (LINK) platform to help set prices. GMX uses an aggregate price feed to protect traders from price spikes.

GMX token holders can vote on changes to the network. They can also set it aside, or stake it, in return for rewards. People can buy, sell, or trade GMX on exchanges. 

Because it is based on Avalanche and, via Arbitrum, Ethereum (ETH), GMX is a token, not a coin. You might see references to GMX coin price predictions, but these are wrong.

GMX Attention Tracker

GMX Google search volume
GMX Google search volume | Credit: Google

Here is a chart for the GMX Google search volume for the past 90 days. This represents how many times the term “GMX” has been Googled over the previous 90 days.


How many GMX are there?

As of February 22, 2024, there were about 9.5 million GMX in circulation, representing the total supply.

Will GMX reach $100?

It might do. DigitalCoinPrice, Bitnation, and PricePrediction.net all think it can happen in 2025. 

Keep in mind that the only time GMX has been worth more than $100 was on November 16 2021. A freak spike on that day saw GMX reach an all-time high of $217.32.

What is GMX used for?

GMX token holders can vote on changes to the GMX decentralized exchange. People can also buy, sell, and trade GMX on exchanges. 


Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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