Immutable’s IMX Token Bucks the Trend with Recent Rise
When Bitcoin and Ethereum experience a drop, most major cryptocurrencies follow suit. However, Immutable’s IMX token has defied this trend by continuing its upward trajectory amid the recent market tumble.
While the broader market has declined by around 5% in the last 24 hours, according to CoinGecko, IMX has seen a total increase of 10% during the same period, currently trading at $2.00. Although it briefly dipped along with other top tokens on Sunday, it quickly rebounded and reached a high of $2.06 on Monday, marking a 20-month high for the gaming token.
Immutable: The Ethereum Gaming Platform
Immutable is an Ethereum-based gaming platform that operates on the Immutable X scaling network and will soon utilize the Immutable zkEVM network powered by Polygon zkEVM. Within just one week, IMX has surged by 41%, resulting in an impressive 83% jump over the past 30 days.
The recent partnerships with Amazon and major game publisher Ubisoft have likely contributed to IMX’s momentum. Additionally, investment firm VanEck’s endorsement of IMX as a potential top 25 coin by market cap, alongside upcoming game releases like Illuvium and Guild of Guardians, has further bolstered its growth prospects.
New Collaboration with Transak
On Monday, Immutable announced a collaboration with payments processor Transak to establish Transak as the primary payments partner for Immutable Checkout on the zkEVM network.
Echelon Prime (PRIME) also Sees Positive Movement
In addition to IMX, Echelon Prime (PRIME), the token associated with NFT trading card game Parallel, has experienced a 12% increase in the past 24 hours, currently valued at just under $8.00. PRIME, which launched earlier this year, recently reached an all-time high of $8.93 in late November.
Overall Decline for Major Gaming Tokens
Despite the successes of IMX and PRIME, other major gaming tokens have experienced a decline today after recent gains. The Sandbox (SAND), Axie Infinity (AXS), Illuvium (ILV), and ApeCoin (APE) are each down by approximately 9% in the past 24 hours. Similarly, Ronin (RON), which has been on the rise lately, has seen a decrease of nearly 7% to $1.54. Nevertheless, RON has still achieved a significant 93% increase over the past month.
Hot Take: Immutable’s IMX Token Breaks the Mold
The cryptocurrency market is known for its volatility, with most coins moving in sync with Bitcoin and Ethereum. However, Immutable’s IMX token stands out as an exception to this trend by maintaining its upward momentum even during market downturns. With recent collaborations with industry giants and positive predictions from investment firm VanEck, IMX has gained significant traction and is poised for further growth. This success showcases Immutable’s commitment to overcoming technical challenges in Web3 gaming and establishes IMX as a promising player in the market. As the crypto world continues to evolve, IMX’s resilience and potential make it an exciting token to watch.
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