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IMX, the native cryptocurrency of the ImmutableX non-fungible tokens (NFTs) platform, saw a significant increase in value, primarily fueled by traders in South Korea. During the Asian trading session, the cryptocurrency rose by an impressive 35%, reaching a price of 74 cents, according to data from CoinDesk. In contrast, major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, and Binance Coin (BNB) were trading slightly lower, with declines between 0.5% and 1%.
This price surge was accompanied by a notable 22% rise in the 24-hour global trading volume, which climbed to $556 million. Importantly, the IMX-Korean won (IMX/KRW) trading pair on South Korea’s Upbit exchange represented nearly 20% of the global trading activity. Following this was Binance’s IMX-tether (IMX/USDT) pair, which accounted for 7% of the total trading volume, as reported by Coingecko.
Blockchain analytics from LookonChain indicated that wallets linked to Upbit accumulated a substantial 12.53 million IMX tokens, valued at approximately $9.27 million, during the cryptocurrency’s rise. These tokens were subsequently transferred to address 0x2F77AEd5B7259ABD27077f9F99772aDDF913E62E, which now holds over 21 million IMX tokens.
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The price increase led some market participants to transfer their IMX tokens to exchanges, likely to liquidate their holdings. LookOnChain observed, “Investors unlocked 3.05M IMX ($2.3M) from the Foundation Treasury Locked wallet after the IMX price increased, possibly dumping to the market.”
Additionally, the rise in IMX’s price coincided with a significant increase in active or open positions in perpetual futures contracts linked to IMX. This figure surged by over 400%, reaching a record high of 115.42 IMX tokens, approximately valued at $80 million. Typically, an increase in open interest alongside a price rise suggests new capital entering the market.
The increase in IMX token value and trading activity underscores the ongoing interest and enthusiasm surrounding the NFT sector and ImmutableX’s involvement. It is crucial to observe how these trends influence the broader digital asset landscape and the NFT ecosystem as the cryptocurrency market continues to evolve.
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