The current trading price for Immutable is USD 0.658444, with a 24-hour trading volume of USD 244,586,484. Over the past 24 hours, there has been a 5.17% decrease in the value of Immutable. According to CoinMarketCap, it currently holds the #46 ranking and has a live market cap of USD 770,313,120.
The circulating supply of IMX coins is 1,169,899,199, with a maximum collection of 2,000,000,000 IMX coins.
The IMX token, the native token of Ethereum’s layer-2 scaling solution Immutable X, experienced a significant surge on Thursday, increasing by more than 23% in the last 24 hours. Before this price increase, IMX had maintained a relatively consistent value throughout the week, remaining around the $0.52 price range, as reported by Coingecko.
Imx, the native token of non-fungible tokens platform immutablex, rose 35% to 74 cents during asian trading hours. The rally is accompanied by an over 22% increase in the 24-hour global trading volume, which rose to $556 million.
— Darnell Longo (@longo_darnell) September 22, 2023
IMX’s Dramatic Rise Under Scrutiny: Analysts Suspect Price Manipulation
The recent surge in price for a specific token has left many wondering about the cause. One theory by Chinese reporter Colin Wu suggests that price speculation may be at play. Wu notes that a significant amount of the token, worth over $8 million, was transferred to the Upbit exchange from various other cryptocurrency exchanges, including Binance,
As a result of these transfers, the token’s price increased by over 34%. Wu speculates that Korean traders may be the driving force behind this movement, as the Upbit exchange is viral in South Korea.
🔥 Catalysts for Growth
Factors such as innovative partnerships, new NFT projects, and increasing adoption contribute to IMX's upward trajectory.
— G.Anderson (@Vbroker_age) September 21, 2023
Additionally, Lookonchain, an on-chain analytics firm, has reported that these transfers were sent to a single wallet address, indicating that a single crypto whale may have had a hand in the price surge.
On Thursday, a large quantity of the IMX token worth millions of dollars was transferred to a particular address, making it the ninth-largest holder of the token. Some IMX investors, including GSR Markets, decided to sell their holdings and take profit after the token’s price gained.
Furthermore, three investors withdrew a significant amount of IMX from the Foundation Treasury Locked wallet, which could lead to a market dump. Consequently, the IMX price experienced a decline of approximately 13.33% shortly after its boost.
IMX Cryptocurrency Listed on Japanese Exchange for Trading
The Japanese exchange Coincheck recently added IMX to its list of cryptocurrencies available for trading. According to a blog post by Coincheck, IMX holders can now access services such as Coincheck NFT and Coincheck crypto lending.
In addition to IMX, Apecoin (APE) and AXS, the governance token for Axie Infinity, were also added to the exchange. Currently, IMX is trading at approximately $0.64, with a 1.8% decrease in price over the last hour.
Coingecko reports that the token’s daily trading volume has increased by 238.20%, reaching $808.50 million.
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