The native token of Ethereum layer-2 scaling solution Immutable X, IMX, experienced a significant surge on Thursday, with its value increasing by over 23% in the last 24 hours. Prior to this price gain, IMX had maintained a relatively stable position throughout the week, with its value hovering around the $0.52 price zone, as per the data from Coingecko. IMX up 23% in 1 day, analyst suspects manipulation.
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Behind IMX’s Rise, Analysts Points To Price Manipulation
According to Chinese reporter Colin Wu, there is no clear reason for the recent positive price movement of the token. However, he speculates that it may be due to price speculation. On X, Wu reported that 10.95 million of the token, worth $8.1 million, were transferred to Upbit exchange from various other crypto exchanges such as Binance, OKX, Bybit, Crypto.com, and Gate. This resulted in a 34.5% price gain, with the token surging from $0.56 to $0.74. Wu believes that Korean traders are behind this move, as Upbit exchange is popular in South Korea, dominating over 83% of the nation's crypto market.
On-chain analytics firm Lookonchain provided more insight into these transactions. They reported that these transfers to Upbit were sent to the same wallet with the address "0x2F77." This suggests that a single crypto whale was likely behind this price surge. Within three hours, 12.54 million of the token, valued at $9.45 million, was transferred to "0x2F77," making it the 9th largest holder of the token, owning 20.4 million worth $15 million.
Lookonchain also revealed that several IMX investors opted to take profit following the token's price gain. These investors include GSR Markets, a crypto investment firm that moved 2 million IMX, worth $1.52 million, to Binance right after IMX rose. In addition, three investors withdrew 3.5 million IMX, valued at $2.3 million, from the Foundation Treasury Locked wallet and may be planning a market dump. Following such transactions, the token experienced a price decline of about 13.33% a few hours after its boost.
IMX Gets Listed On Japanese Exchange
On Thursday, the crypto exchange announced that IMX will now be eligible for various services, including Coincheck NFT and Coincheck crypto lending service. Additionally, Coincheck has also listed other cryptocurrencies, such as Apecoin (APE) and AXS, the governance token of the Axie Infinity gaming metaverse. As of now, IMX is trading at around $0.64, with a price loss of 1.8% in the last hour. According to Coingecko, the token's daily trading volume has increased by 238.20% and is valued at $808.50 million.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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