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.

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.

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.

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