GameStop “Flooded” Nearly 15M IMX, Token Price Plunged 40%

GameStop sold almost 15 million IMX tokens it received under a development agreement with Immutable.

IMX Flood release

Yesterday, Immutable, the developer of Ethereum’s Immutable X layer-2 scaling solution, announced a partnership with GameStop that will see the building of an NFT marketplace like e.g Bitcoin Magazine reported.

As part of the deal, GameStop could receive up to $150 million in IMX tokens in grants upon reaching certain milestones. Transaction records on Etherscan show that GameStop received over 37.5 million IMX in the last four days.

Since then, GameStop has distributed 14,989,293 of these tokens.

Source: Etherscan

Through three transactions — two of which occurred two days before the partnership announcement and one a few hours after the announcement — GameStop transferred approximately $44 million worth of IMX to the Binance, Huobi, and OKX centralized exchanges.

With supply currently around 225 million circulating, 15 million IMX represents approximately 6.5% of total supply.

Gamestop’s sale of IMX on the market may have contributed to the sharp drop in price over the past day and a half. Following Immutable’s announcement yesterday, IMX has priced above $4.2, but today the token is priced at just $3 at press time, down 40%.

Source: TradingView

According to Etherscan, Gamestop has just received more than 11 million IMX tokens and it is still unclear when the floodgates will open again.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page