Immutable (IMX) Token Surging Today Following Big Accumulation By Upbit Exchange
By Nilesh Hembade 21-Sept-2023 6:52 AM GMT
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Introduction:
Immutable, a prominent platform for developing web3 games on the Ethereum network, is making headlines today as its native cryptocurrency, the $IMX token, experiences a remarkable surge in value.
Over the past 24 hours, the IMX token has seen an impressive gain of +40.0%, captivating the attention of crypto enthusiasts and investors alike. As of the latest data, the IMX token is trading at $0.09613 with a market capitalization of $808 million.
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Major Accumulation by Upbit Exchange
The driving force behind this surge appears to be a significant accumulation of IMX tokens by Upbit, a leading South Korean cryptocurrency exchange. Upbit reportedly acquired a substantial 12.53 million IMX tokens, equivalent to approximately $9.45 million, within a single day, as revealed by a LOOKONCHAIN report.
1/ The price of $IMX skyrocketed by 35% today.
— Lookonchain (@lookonchain) September 21, 2023
We noticed that #Upbit wallets were accumulating $IMX.
And investors/institutions were depositing $IMX to exchanges after the price increase. pic.twitter.com/brWNourpoi
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Unlocking of Foundation Treasury Tokens
In addition to Upbit’s accumulation, there have been interesting developments related to the IMX token. According to reports, a total of 3.05 million IMX tokens, valued at approximately $2.3 million, were recently unlocked from the Foundation Treasury Locked wallet.
This unlocking coincided with the substantial increase in the IMX token’s price, suggesting that some investors may have opted to liquidate their holdings, potentially impacting the market.
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The cryptocurrency market is known for its rapid fluctuations, and the IMX token’s surge today serves as a reminder of the excitement and unpredictability that characterize this space.
Investors and enthusiasts will undoubtedly continue to closely follow the IMX token’s performance and watch for further developments within the Immutable ecosystem.
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