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Uncategorized

Upbit Transferred IMX Worth $4.8M To Binance And OKX, IMX Fell By 24%

September 25, 2023 - Around 2 mins mins to read

Key Points:

  • The IMX token sees a 24% price dip after a $4.8 million transfer to Binance and OKX.
  • Earlier, IMX surged 35% with help from whale accumulation and Arrington Capital.
  • IMX remains above $0.58 support, targeting $0.62 resistance within Immutable X’s NFT ecosystem.
In a recent twist of events, Immutable X’s IMX token has faced significant volatility, with prices plummeting by 24% to its current trading value of $0.607.
Upbit Transferred IMX Worth $4.8M To Binance And OKX, IMX Fell By 24%
Upbit Transferred IMX Worth $4.8M To Binance And OKX, IMX Fell By 24% 3

IMX Price Drops 24% After Upbit Transferred IMX Worth $4.8M To Binance And OKX

The turbulence followed Upbit‘s transfer of 10,802 million IMX tokens (equivalent to $4.8 million) to Binance and OKX on September 21, causing a rapid drop in IMX’s value.

However, prior to this downturn, IMX had been on an upward trajectory, surging by 35%. This surge was largely attributed to the accumulation of IMX tokens by whales, facilitated by Arrington Capital.

At present, IMX is managing to maintain its position above the $0.58 support zone, making strides towards a resistance level of $0.62. While a dip below this support could attract sellers, there is optimism among buyers ready to capitalize on any price downturns.

Upbit Transferred IMX Worth $4.8M To Binance And OKX, IMX Fell By 24%
IMX price chart. Source: TradingView

Immutable X Powered NFTs with IMX Tokens and Governance

Immutable X, designed to enhance Ethereum’s scalability for NFT projects, has established itself as a key player in the industry. Serving as a Layer 2 scaling solution for Ethereum-based NFT collections, it offers a comprehensive platform for NFT enthusiasts.

IMX is the native currency within the Immutable X ecosystem, operating as an ERC-20 token. With a total supply of 2 billion, IMX tokens are earned through contributions to the ecosystem’s growth, such as app development and NFT trading.

They can be used for paying trading fees, staking to earn rewards, and participating in governance decisions, with voting power directly correlated to token holdings. Immutable X continues to be an exciting project in the NFT space, despite recent price fluctuations.

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.

Binance

IMX

OKX

price

Upbit

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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.
Uncategorized

Upbit Transferred IMX Worth $4.8M To Binance And OKX, IMX Fell By 24%

Key Points:

  • The IMX token sees a 24% price dip after a $4.8 million transfer to Binance and OKX.
  • Earlier, IMX surged 35% with help from whale accumulation and Arrington Capital.
  • IMX remains above $0.58 support, targeting $0.62 resistance within Immutable X’s NFT ecosystem.
In a recent twist of events, Immutable X’s IMX token has faced significant volatility, with prices plummeting by 24% to its current trading value of $0.607.
Upbit Transferred IMX Worth $4.8M To Binance And OKX, IMX Fell By 24%
Upbit Transferred IMX Worth $4.8M To Binance And OKX, IMX Fell By 24% 6

IMX Price Drops 24% After Upbit Transferred IMX Worth $4.8M To Binance And OKX

The turbulence followed Upbit‘s transfer of 10,802 million IMX tokens (equivalent to $4.8 million) to Binance and OKX on September 21, causing a rapid drop in IMX’s value.

However, prior to this downturn, IMX had been on an upward trajectory, surging by 35%. This surge was largely attributed to the accumulation of IMX tokens by whales, facilitated by Arrington Capital.

At present, IMX is managing to maintain its position above the $0.58 support zone, making strides towards a resistance level of $0.62. While a dip below this support could attract sellers, there is optimism among buyers ready to capitalize on any price downturns.

Upbit Transferred IMX Worth $4.8M To Binance And OKX, IMX Fell By 24%
IMX price chart. Source: TradingView

Immutable X Powered NFTs with IMX Tokens and Governance

Immutable X, designed to enhance Ethereum’s scalability for NFT projects, has established itself as a key player in the industry. Serving as a Layer 2 scaling solution for Ethereum-based NFT collections, it offers a comprehensive platform for NFT enthusiasts.

IMX is the native currency within the Immutable X ecosystem, operating as an ERC-20 token. With a total supply of 2 billion, IMX tokens are earned through contributions to the ecosystem’s growth, such as app development and NFT trading.

They can be used for paying trading fees, staking to earn rewards, and participating in governance decisions, with voting power directly correlated to token holdings. Immutable X continues to be an exciting project in the NFT space, despite recent price fluctuations.

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.