The Price of Immutable X (IMX) Surges 35% in a Day
The price of IMX, the native token of layer-2 scaling solution Immutable X, has experienced an impressive increase of over 35% in the past 24 hours. The reason behind this surge remains unknown, but it has been observed that some investors have accumulated significant amounts of the asset.
IMX recently surpassed $0.76, a valuation last seen in August. However, the coin has slightly retraced and currently stands at around $0.71 according to CoinGecko’s data.
While the exact factors driving the price increase are still unknown, Lookonchain, a Web3 data analysis tool, revealed that several Upbit wallets have acquired millions of dollars worth of IMX.
Investors Accumulate IMX
1/ The price of $IMX skyrocketed by 35% today.
We noticed that #Upbit wallets were accumulating $IMX.
And investors/institutions were depositing $IMX to exchanges after the price increase. pic.twitter.com/brWNourpoi
— Lookonchain (@lookonchain) September 21, 2023
One investor has accumulated approximately $9.5 million in IMX and transferred it to wallet “0x2F77,” which now holds $15 million worth of the token.
Another user deposited 2 million IMX coins into Binance shortly after the price increase. Additionally, three separate investors unlocked $2.3 million worth of IMX from the Foundation Treasury Locked wallet, potentially dumping the tokens into the market, as suggested by Lookonchain.
IMX Far from Peak Levels
Despite the significant spike, IMX is still far from its peak levels during the crypto bull run in late 2022 when it reached an all-time high of over $9.30.
The article above is a summary of the original news published on CryptoPotato.
Hot Take: IMX Price Soars Amidst Unknown Factors
The price of Immutable X’s native token, IMX, has surged by over 35% in just one day. The reason behind this impressive increase remains unknown, leaving investors and analysts speculating about what might be driving this sudden surge. Some investors have been observed accumulating substantial amounts of IMX, and significant movements in various wallets and exchanges have been noted. However, the exact factors behind these developments are yet to be uncovered. Despite this recent surge, IMX still has a long way to go before reaching its previous peak levels recorded during the previous bull run. As the market continues to evolve, it will be interesting to see how IMX performs in the coming days and weeks.
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