Why Is Immutable X (IMX) Pumping? South Korea Linked

In the early hours of Thursday, IMX, the native cryptocurrency for the NFT platform Immutable X, saw a sudden price surge, rising above 30% to a trading price of $0.76.

Immutable X is a layer-2 scaling solution building a non-fungible token (NFT) infrastructure on the Ethereum network. Using a zero-knowledge (zk) rollup, the platform seeks to onboard the next generation of Web3 gamers.

Why is IMX Pumping?

The recent price increase for the IMX token was driven by South Korean traders using the cryptocurrency exchange Upbit. Earlier today, investors migrated 10.95 million IMX tokens (worth $8.1 million) from several centralized exchanges, such as Binance, OKX, ByBit, and others, into Upbit.

An on-chain study by the blockchain analytics platform Lookonchain reveals that Upbit wallets have accumulated as much as 12.53 million IMX (worth $9.27 million). Other metrics show that the IMX/Korean won (IMR/KRW) trading pair accounts for a whopping 20% of the global daily trading volume.

Lookonchain’s study also shows that some Upbit wallet holders migrated their large IMX holdings to other exchanges. For instance, two million IMX (worth $1.52 million) and over $851,300 IMX tokens (worth $647,000) were deposited into Binance. The report adds that three investors unlocked over 3 million IMX units (worth $2.3 million) from the Foundation Treasury Locked wallet, possibly intending to liquidate their position in the market.

$IMX Currently Up by 23%

The IMX token has experienced its share of the overall bearish trends that continue to plague the global crypto market. After hitting an all-time high (ATH) of $9 in the November 2021 bull run, the cryptocurrency experienced a steady decrease through the following year. Amid the FTX saga between November and December 2022, IMX dropped to its lowest, trading at $0.38 apiece.

Before the latest price surge, IMX traded around the $0.5 price mark. At the time of writing, the IMX token traded at $0.66, representing more than a 23% increase over the past 24 hours.

Source: CoinStats