What's Going On With ImmutableX, The NFT Platform's Token Is Surging 35% Today While Bitcoin, Ethereum, Dogecoin Trail

The native token of the non-fungible tokens (NFT) platform ImmutableX, known as IMX (CRYPTO: IMX), experienced a significant surge on Thursday, led by South Korean traders.

What Happened

Data from the market showed that the cryptocurrency rose by 34%, reaching a value of 72 cents during Asian trading hours. In contrast, major cryptocurrencies like Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) traded slightly lower, ranging from 0.5% to 1%.

CoinMarketCap data indicated a remarkable increase in volume, with a surge of over 2000%, amounting to $249 million. This surge in trading volume can be attributed to the growing interest and investment in IMX.

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Upbit Leading Volume Growth

One particular exchange, Upbit, showcased noteworthy volume growth in IMX trading. Data from blockchain analytics firm LookonChain revealed that wallets connected to Upbit acquired 12.53 million IMX, equivalent to $9.27 million, as the cryptocurrency soared. 

Subsequently, the balance from these wallets was transferred to address 0x2F77AEd5B7259ABD27077f9F99772aDDF913E62E, and this address currently holds over 21 million IMX

The rise in IMX’s price compelled some market participants to move their coins to exchanges, potentially indicating an intent to liquidate their holdings. LookOnChain said, “Investors unlocked 3.05 million IMX ($2.3M) from the Foundation Treasury Locked wallet after the IMX price increased, possibly dumping to the market.”

Price Action: At the time of writing, BTC was trading at $27,142, up 4.56% in the last 24 hours, according to Benzinga Pro.

Photo by Matt Benzero on Shutterstock

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!

Posted In: CryptocurrencyNewsMarketsBitcoindogecoinEthereumImmutableIMX