GMX, or Gas Monopoly eXchange is a new token which is being traded on the Rise platform. The GMX token is currently still in its early stages of development as it looks to become a viable cryptocurrency.
Like many others in the cryptocurrency world, rising ICOs are starting to make waves. With very limited advertising budgets, PR firms and media outlets are forced to turn to Telegram groups and Reddit threads to spread the word about upcoming ICOs. The GMX token offers a tantalizing opportunity for those looking to get involved in the crypto space early.
GMX was announced on January 14th 2018 and is currently trading on the Rise platform with over 13,000 users signed up for their waiting list which will be used to purchase the token when it is made available. The GMX token was sold out after less than one day of selling and will only sell again if there are no unsold tokens left in the queue.
What is GMX?
The Gas Monopoly eXchange (GMX) is a staking token that is based on the NEO platform. It aims to solve the current inefficiencies of the gas market by bringing together different stakeholders to create a decentralized exchange for both short and long-term transactions. The exchanges purpose is to allow smart contracts to use different types of GAS, automatically; thereby avoiding frequent buybacks and ensuring that users always get their GAS at an affordable rate.
The GMX token is a utility token that is built on the NEO platform and will be used to purchase GAS on the exchange, while also allowing users to trade in a variety of other currencies.
$51 $GMX 😯 – still a good investment at these prices🫐?
✅Arbitrum season coming
❌Price already up a lot
✅GMX Chainlink oracle integration -> more trading pairs
❌Macro still looking bad
A brief price analysis from a data perspective looking at P/E ratio, fees & more👇 pic.twitter.com/P4Ru57rb4F
— Thor Hartvigsen (@ThorHartvigsen) September 2, 2022
How does the GMX Token work?
GMX will operate as an ERC20 token and users can use it to speculate on different assets or for re-sell purposes. It has the following functions: 1) pay for staking; 2) voting; 3) transferring ownership of GMX tokens between addresses; 4) verifying transactions. Users who wish to purchase GAS from the exchange can use their GMX tokens in a variety of ways as they are required to stake them before they are able to buy gas.
The GMX price prediction: What’s next for volatile staking tokens?
There are some things to be aware of before investing in GMX and there are also many opportunities to see what’s next for this project.We’ll be using 3 different metrics to see how the GMX token performs in comparison to other cryptocurrencies: 1. Price, 2. Market cap and 3. 24 Hour Volume.
Price: To understand the how price of a cryptocurrency is calculated we need to understand what a ‘coin’ is, as for BTC and ETH there are many different types of coins but for GMX we are only looking at staking tokens. A coin or currency in the crypto space is used to represent different types of utility tokens where they provide the same functionality such as Ethereum or LTC; so with NEO this is used to represent the GAS that connects NEO with other blockchains that are compatible with NEO’s technology (NEO Smart Economy).
GMX price prediction round-up
WalletInvestor said GMX would be a bad investment and its 2022 GMX price is predicted to fall to $42.48. It was predicted that the price of the token would continue to rise, and it had reached $52.08 by 2023.
This indicates that the price of DigitalCoin is rising steadily and could have averaged $64.15 this year. The GMX price predicted this in 2025. They were able to forecast the price of GMX up to 2030 and the prediction was very close.
When thinking about a GMX token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to estimate in a few hours what a coin’s or token’s price will be, and Also, this is difficult for estimations in the long-term. Consequently, let analysts and algorithm-based forecasters make mistakes.
