The price of Immutable X (IMX) token saw a dramatic 35% surge today, reaching highs not seen since the beginning of August when the coin was trading around $0.8 mark. Analysts noted that major companies like Upbit and quantitative trading firm GSR had been steadily accumulating IMX tokens prior to the price surge.
Lookonchain, a blockchain analytics firm, noted that Upbit exchange wallets have been accumulating IMX tokens ahead of the price increase. They also observed that investors and institutions began depositing IMX to exchanges after the token’s price spiked. This suggests that larger players were buying up IMX in anticipation of positive news that would boost its value.
The Data Nerd, an on-chain analytics account, revealed that quantitative trading firm GSR had deposited 2 million IMX tokens (worth around $1.5 million) to Binance exchange. GSR had accumulated these tokens over the past month at an average price of $0.65, below today’s high of $0.72. This indicates that sophisticated traders were buying up IMX while it was still cheap, likely expecting an imminent price surge.
The total supply of IMX is 2 billion, with 685 million coins currently in circulation. The remaining supply will be distributed over the course of 54 months for ecosystem development, user rewards, developer grants, liquidity, and marketing purposes according to Immutable’s tokenomics.
IMX can be purchased on centralized exchanges such as eToro, Binance and Coinbase as well as decentralized exchanges like Uniswap and SushiSwap. This wide availability provides ample opportunities for both retail and institutional investors to gain exposure to the ascendant NFT protocol.
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