IMX Token Surges 38.1% in a Few Hours
The price of IMX, the token of NFT platform ImmutableX, experienced a significant surge of 38.1% within a few hours on Thursday morning. According to CoinGecko data, it went from $0.55 to a peak of $0.76.
The surge in price can be attributed to substantial volume spikes on South Korean exchanges BW.com and Upbit. These exchanges traded $453.6 million worth of IMX in the last 24 hours.
This surge in trading volume pushed the total daily trading volume for IMX to $664 million, which is more than six times its 30-day average volume of $109 million. This places IMX’s 24-hour trading volumes above many top tokens by market cap.
Increased Short Orders for IMX Derivatives
Data shows that traders are aggressively placing short orders for IMX derivatives, as indicated by a spike in negative funding rates on perpetual swaps. The funding rate represents the interest paid by perpetual swap contract holders based on the demand for long positions versus short positions.
When the demand for short positions outweighs that of long positions, those holding short positions pay a premium, and vice versa.
Current Price and Disclaimer
The IMX token is currently trading at $0.68, which is approximately 25% higher than its price yesterday.
Disclaimer:
The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Hot Take: IMX Token Skyrockets with Surge in Trading Volume
The IMX token experienced a remarkable surge in price, reaching a peak of $0.76 in just a few hours. This surge was driven by substantial trading volume on South Korean exchanges and aggressive short orders for IMX derivatives. With its 24-hour trading volumes surpassing those of many top tokens, IMX is making waves in the crypto market. However, as with any investment, it’s important to approach with caution and do thorough research before making any financial decisions.