A look at the latest crypto news involving crypto exchange GMX, the metaverse Decentraland (MANA) and the meme-coin Floki Inu (FLOKI).
Analysis of the GMX, MANA, and FLOKI crypto assets
It is worth mentioning that GMX is a DeFi platform, built on the Arbitrum (Ethereum L2) and Avalanche network, which allows trading through perpetual futures up to x30 leverage on the most well-known crypto assets
Decentraland (MANA) is a blockchain and metaverse platform that allows users to buy virtual land and participate in a unique virtual community. Finally, Floki is a trending meme-coin and another cryptocurrency based on the Shiba Inu dog breed.
GMX proposes implementation on the Coinbase blockchain
The decentralized derivatives exchange GMX has the support of its community to implement the recently announced Layer-2 blockchain protocol Base of the Coinbase (COIN) cryptocurrency exchange.
Several members of the GMX community are in favor of expanding the platform to another blockchain, according to a post on the GMX governance forum.
The latter, to be specific, has a total blockchain value of $582 million, making it the largest decentralized finance protocol on Arbitrum, according to DefiLlama.
Base, on the other hand, is a layer 2 blockchain that was developed using Optimism’s OP stack. This will feed into Ethereum‘s main blockchain network and will not feature a native token, unlike the airdrop-ready Arbitrum token (ARB).
While most GMX forum users were in favor of the exchange becoming a “first mover” on Base, others were concerned that the project’s pseudonymous founders would have to send identification documents to Coinbase in line with anti-money laundering regulations.
In an interview on Bloomberg Radio, Coinbase CEO Brian Armstrong hinted that the exchange will establish “know-your-customer” controls when Base goes live.
In any case, the price of GMX, the exchange’s native GMX token, recently traded at $77.25. Hence, it has increased by almost 90% this year, according to Cryptowatch.
MANA and its extraordinary 2023 performance: does it hold its own against crypto assets GMX and FLOKI?
Decentraland (MANA) has performed extraordinarily well in 2023. In fact, its native token saw a sharp retracement in February and March on price charts. The $0.623 support level was breached on 3 March, but last week’s gains meant that the same level was reversed to support once again.
At the moment, MANA’s price showed a chance of moving toward $0.7. Even though its market structure was bearish in the daily period, bullish people had a fighting chance, provided Bitcoin did not see a sharp decline.
The pump in early 2023 from $0.29 to $0.84 in early February represented gains close to 195% in less than six weeks. This broke the downward trend Decentraland has been in since last August and turned the structure bullish.
Fibonacci retracement levels showed that although the retracement was deep in recent weeks, the golden pocket 61.8%-78.6% remained as support.
Thus, there was a possibility that MANA could continue to rise to the upside as it did earlier this year. The Awesome Oscillator showed a bearish momentum, but the green bars on the histogram indicated a weakening of the downtrend.
Meanwhile, the OBV was also in a downward trend and did not break through its lower high. However, this was in line with the bearish market structure.
Moreover, the fair value gap highlighted in white on the daily chart coincided with the bullish breaker (red) in the $0.6 region. It was likely that a decline in this region would provide a move higher toward the bearish order block at $0.71.
Crypto.com enables FLOKI for trading
According to the recent revelation, Floki, the cryptocurrency and utility token in the Floki ecosystem, has been added to the popular Crypto.com cryptocurrency exchange.
Notably, on 20 March, Floki’s official Twitter page shared a thread commenting on the token’s achievement of recognition by Crypto.com.
Floki $FLOKI trading and withdrawals are now enabled in the https://t.co/A7lhUEyVZW Exchange!
Trade the $FLOKI in $USD pair now
Sign up to the Exchange 👉 https://t.co/GBTPzwVBuy pic.twitter.com/lO27htfQmR
— Crypto.com Institutional (@Cryptocom_Insto) March 21, 2023
Earlier on the same day, Crypto.com announced that cryptocurrencies such as Floki (FLOKI) and Velodrome Finance (VELO) are welcome on the exchange for trade.
Following Crypto.com’s announcement, Floki stated that the listing on the world’s most popular and most regulated cryptocurrency exchange is huge for Floki.
The ecosystem added that its inclusion on Crypto.com would introduce the token to more than 80 million users of the exchange. Remarkably, the crypto community within Twitter received the update with much enthusiasm, sharing comments such as “massive,” “wow,” and more.
Interestingly, in response to Crypto.com’s statement, one user commented the following:
“After months and months of hard work, marketing and building, everyone is starting to realize that Floki is so much more than just a meme coin. It has the Doge meme factor but so much more.”
Another user, Thorolf Butter, welcomed Crypto.com to the Floki community and added that the Floki team has been working 24/7 to make the impossible happen for the community.
Currently, Floki is available on exchanges that include OKX, Huobi, gate.io, CoinEX, PancakeSwap v2 and MEXC. Crypto.com has assured that the exchange will begin trading Floki tokens soon.