The Price of Immutable X Token Surges Amid Claims of Market Manipulation
Crypto experts are suggesting that the recent 33% surge in the price of the Immutable X (IMX) token is a result of market manipulation. On September 21, the IMX token rate increased by 32.56%, reaching $0.83 before rolling back to $0.64. The asset’s capitalization also experienced a significant jump, rising from $647.5 million to $887 million within hours, with daily trading volume increasing from $17.7 million to $330 million.
What Happened to the IMX Token?
Data indicates that 10.95 million IMX tokens were transferred to the Upbit exchange from various platforms, coinciding with the rise in price. Analysts from Lookonchain observed that investors were actively selling IMX tokens, including from a closed treasury account.
Reasons for the Sharp Price Jump
The exact cause of the price surge remains unknown, but analysts have different theories. Journalist Colin Wu believes that someone is manipulating the asset’s price due to its rapid rise. Another possibility is arbitrage trading, where individuals manipulate prices to profit from buying on one exchange and selling on another.
Hot Take: Market Manipulation Behind Immutable X Token Surge
The recent surge in the price of Immutable X (IMX) token has raised suspicions of market manipulation among crypto experts. Within a few hours, the token’s value increased by 33%, prompting claims of orchestrated price manipulation. While the exact reason for the surge remains uncertain, analysts have suggested scenarios such as arbitrage trading or intentional manipulation by traders taking advantage of price discrepancies between exchanges. Regardless of the cause, this incident highlights the need for vigilance and careful analysis when investing in cryptocurrencies.
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