Thursday, November 30, 2023

The price of IMX, a gaming token in the Ethereum ecosystem, is rising

  • The trading platform Coincheck has listed the Immutable token.
  • The Upbit exchange purchased 12.53 million IMX.

The price of immutable (IMX), the native token of the web3 gaming network of the same name, has increased by more than 50% in the last seven days. This allowed it to reach $0.75 today, its high in two weeks.

After that, the price of the currency fell slightly. At the time of writing, it is at $0.66, still up 35% over the last seven days.

The Price Of Imx, A Gaming Token In The Ethereum Ecosystem, Is Rising

Despite the setback IMX is the best performing asset of the top 100 cryptocurrencies in this period of time. At $776 million, it is currently the 45th crypto asset with the highest market capitalization.

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IMX shakes due to whale movements

Much of IMX’s rise today came after Japanese exchange Coincheck listar this token so that its users can trade it. This happened in conjunction with two other gaming platform tokens, Axie Infinity (AXS) and ApeCoin (APE), but these did not rise following the announcement.

“Our company intends to support developers and companies that take on the challenge of developing new products, including Web3 games, to contribute to the further development of the Web3/cryptocurrency industry,” Coincheck said.

In addition, the data company Lookonchain warning Hello that the price of IMX skyrocketed due to purchases by a market whale (Billionaire investor). Upbit exchange wallets were found to have acquired 12.53 million units of the token this morning, equivalent to $9.45 million, according to Etherscan Explorer.

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In doing so, he noted that Upbit increased its existing holdings of the asset to 20.4 million IMX, becoming the ninth largest holder of the token.

The company also discovered this Large investors transferred millions of units to exchanges after the token increased in value. This operation is usually carried out for selling and is probably the reason for the slight price drop, in addition to the general decline in the altcoin market following the Mt. Gox refund postponement reported by Cripto Noticias.

Among those who have made this move is GSR, a cryptocurrency trading firm, which deposited 2 million IMX ($1.52 million) on the Binance exchange following the price surge.

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These moves come amid various messages Immutable has communicated over the past seven days. The ecosystem has already reported this is available a new mode with rewards from the card game God Unchained, which is on your network. He also announced this begin on your Auto Legends car gaming platform. And he announced the gaming site Ember Sword Gender more than $1 million and 10,000 new wallets since migrating to Immutable.

Immutable is a scalability solution for the Ethereum ecosystem focused on the gaming, meta verse, and non-fungible token (NFT) trading industries.

Nation World News Desk
Nation World News Desk
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