IMX Whale Likely to Realize 93% Gains: Spotonchain
A whale has recently sent their entire IMX token bag, valued at $11.80 million, to Coinbase, according to on-chain data. If the whale decides to sell the asset, they could make a profit of $5.7 million. The IMX token has been performing exceptionally well since the market rally in October 2023, with its price increasing by approximately 400% in just two months.
Deposit Surplus
Over the past 30 days, there has been a decline of more than 500,000 IMX tokens in the balance of centralized exchanges. However, this trend is now shifting towards a deposit surplus. After the impressive rally of IMX, many investors are looking to book profits on their holdings. In the past seven days alone, there has been a deposit surplus of 2.75 million IMX tokens. Additionally, the balance of IMX tokens on centralized exchanges has increased by over 42,000 in the last 24 hours.
IMX Demand Zone and Potential Resistance
Despite the recent surge in deposits, there is a significant demand zone for IMX between $2.26 and $2.32. In this region, over 1,290 addresses have purchased a total of 47.29 million IMX tokens. However, if IMX breaks below this support level, it could potentially turn into a significant resistance.
Hot Take: IMX Whale’s PnL Overview
An IMX whale has transferred their entire $11.80 million worth of tokens to Coinbase, potentially realizing gains of $5.7 million if they decide to sell. The IMX token has experienced an impressive rally since October 2023, with its price surging by around 400% in just two months. On the other hand, there has been a shift from withdrawal surplus to deposit surplus on centralized exchanges as investors look to secure profits. Despite this, there is a strong demand zone for IMX between $2.26 and $2.32, but breaking below this support level could pose significant resistance.
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