IMX, native token of Ethereum layer-2 scaling resolution Immutable X, recorded huge positive aspects on Thursday, hovering by over 23% throughout the final 24 hours. Earlier than this worth acquire, IMX had been comparatively secure all week, hovering across the $0.52 worth zone, in accordance with data from Coingecko.
Behind IMX’s Rise, Analysts Factors To Value Manipulation
Though there could also be no clear causes for the token’s constructive worth motion, Chinese language reporter Colin Wu speculated about potential worth hypothesis.
Based on a post on X by Wu, 10.95 million of the token, valued at $8.1 million, have been transferred to the Upbit exchange from a number of different crypto exchanges, together with Binance, OKX, Bybit, Crypto.com, Gate, and so on.
Korean merchants are manipulating the value of IMX and driving a surge. Right this moment, 10.95 million IMX ($8.1 million) flowed into Upbit from a number of CEXs akin to Binance, OKX, Bybit, Cryptocom, Gate, and so on. The value shortly rose from US$0.56 to US$1. https://t.co/JjUcqi7CKS
— Wu Blockchain (@WuBlockchain) September 21, 2023
Following these transactions, the token surged from $0.56 to $0.74, representing a 34.5% worth acquire. Wu has acknowledged that Korean merchants are “behind this transfer.” The Upbit trade is especially well-liked in South Korea, dominating over 83% of the nation’s crypto market.
Offering extra perception into these transactions, on-chain analytics agency Lookonchain reports that these transfers to Upbit have been despatched to the identical pockets with the tackle “0x2F77.” This means a single crypto whale was doubtless behind this worth surge.
Inside three hours on Thursday, 12.54 million of the token, valued at $9.45 million, was transferred to “0x2F77,” permitting this tackle to change into the ninth largest holder of the token, proudly owning 20.four million price $15 million.
Moreover, Lookonchain additionally revealed that a number of IMX traders opted to take revenue following the token’s worth acquire. These traders embody GSR Markets, a crypto funding agency that moved 2 million IMX, price $1.52 million, to Binance proper after IMX rose.
As well as, three traders withdrew 3.5 million IMX, valued at $2.Three million, from the Basis Treasury Locked pockets and could also be planning a market dump. Following such transactions, it’s no shock that IMX quickly skilled a worth decline of about 13.33% a number of hours after its enhance.
IMX Will get Listed On Japanese Alternate
In different information, IMX has additionally been listed on the Japanese trade Coincheck. Based on a blog post by the crypto trade on Thursday, IMX will now be eligible for its varied companies, together with Coincheck NFT and Coincheck crypto lending service.
Along with IMX, Coincheck additionally introduced itemizing different cryptocurrencies, particularly Apecoin (APE) and AXS, the governance token of the Axie Infinity gaming metaverse.
On the time of writing, the IMX trades at round $0.64, with a worth lack of 1.8% within the final hour. Primarily based on extra information from Coingecko, the token’s every day buying and selling quantity rose by 238.20%, valued at $808.50 million.
IMX buying and selling at $0.6425 on the hourly chart | Supply: IMXUSDT chart on Tradingview.com
Featured picture from Binance, chart from Tradingview
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