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News

Immutable X Suddenly Increases More Than 35% As Whales Show Signs Of Accumulation

September 21, 2023 - Around 2 mins mins to read

Key Points:

  • Immutable X’s IMX token surges 35% as whales accumulate, aided by Arrington Capital.
  • The project combines layer-2 Ethereum scaling and NFT trading, offering IMX as a versatile utility token for governance and fees.
Immutable X (IMX), a layer-2 scaling solution built on the Ethereum blockchain, has surged by over 35% as recent on-chain data indicates a growing interest from cryptocurrency whales.
Immutable X Suddenly Increases More Than 35% As Whales Show Signs Of Accumulation
Immutable X Suddenly Increases More Than 35% As Whales Show Signs Of Accumulation 3

Spot On Chain data, which provides real-time insights into centralized (CEX) and decentralized (DEX) exchange netflows, shows a notable uptick in negative netflow, suggesting that whales have been accumulating IMX tokens. Arrington Capital, a prominent player in the crypto space, seems to have foreseen this trend as they added liquidity (LP) to the platform 16 hours ago.

Further analysis of blockchain records reveals that Arrington Capital executed a large transfer of millions of IMX tokens from wallet address 0x876 to 0x694764 via an intermediary wallet, 0xba31b949, a few days ago.

Immutable X serves a dual purpose: it enhances transaction speed on the Ethereum network and facilitates the creation and trading of non-fungible tokens (NFTs). IMX, the native token of Immutable X, plays a multifaceted role within the ecosystem. Holders can stake IMX, participate in governance decisions, and use it as a utility token for fee payments.

In essence, Immutable X operates as both a layer-2 scaling solution and an NFT trading platform. It was founded in 2021 by Immutable, an Australian tech company established by James and Robbie Ferguson.

As of the latest update, IMX is trading at $0.6977 per token. The recent price surge may attract increased liquidity but could also lead retail investors to consider profit-taking.

Immutable X Suddenly Increases More Than 35% As Whales Show Signs Of Accumulation
IMX price chart. Source: TradingView

Immutable X previously experienced an 18% price uptick in July when South Korea’s Upbit, a prominent crypto exchange, announced the listing of the IMX token. The platform’s recent surge highlights the growing interest in layer-2 solutions and NFT ecosystems within the crypto market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Altcoin

Arrington Capital

Immutable X

IMX

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Immutable X Suddenly Increases More Than 35% As Whales Show Signs Of Accumulation

Key Points:

  • Immutable X’s IMX token surges 35% as whales accumulate, aided by Arrington Capital.
  • The project combines layer-2 Ethereum scaling and NFT trading, offering IMX as a versatile utility token for governance and fees.
Immutable X (IMX), a layer-2 scaling solution built on the Ethereum blockchain, has surged by over 35% as recent on-chain data indicates a growing interest from cryptocurrency whales.
Immutable X Suddenly Increases More Than 35% As Whales Show Signs Of Accumulation
Immutable X Suddenly Increases More Than 35% As Whales Show Signs Of Accumulation 6

Spot On Chain data, which provides real-time insights into centralized (CEX) and decentralized (DEX) exchange netflows, shows a notable uptick in negative netflow, suggesting that whales have been accumulating IMX tokens. Arrington Capital, a prominent player in the crypto space, seems to have foreseen this trend as they added liquidity (LP) to the platform 16 hours ago.

Further analysis of blockchain records reveals that Arrington Capital executed a large transfer of millions of IMX tokens from wallet address 0x876 to 0x694764 via an intermediary wallet, 0xba31b949, a few days ago.

Immutable X serves a dual purpose: it enhances transaction speed on the Ethereum network and facilitates the creation and trading of non-fungible tokens (NFTs). IMX, the native token of Immutable X, plays a multifaceted role within the ecosystem. Holders can stake IMX, participate in governance decisions, and use it as a utility token for fee payments.

In essence, Immutable X operates as both a layer-2 scaling solution and an NFT trading platform. It was founded in 2021 by Immutable, an Australian tech company established by James and Robbie Ferguson.

As of the latest update, IMX is trading at $0.6977 per token. The recent price surge may attract increased liquidity but could also lead retail investors to consider profit-taking.

Immutable X Suddenly Increases More Than 35% As Whales Show Signs Of Accumulation
IMX price chart. Source: TradingView

Immutable X previously experienced an 18% price uptick in July when South Korea’s Upbit, a prominent crypto exchange, announced the listing of the IMX token. The platform’s recent surge highlights the growing interest in layer-2 solutions and NFT ecosystems within the crypto market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.