Ethereum’s IMX Token Witnesses a Whirlwind 24-Hour Surge

Ethereum’s IMX Token Witnesses a Whirlwind 24-Hour Surge;

IMX, the native token of Ethereum’s layer-2 solution Immutable X, witnessed a significant surge on Thursday. The token’s value soared by over 23% within a single day, a notable leap from its stable week-long performance at the $0.52 mark, as per Coingecko’s data.

Significantly, the reason for this sudden price spike is now clear. However, Chinese journalist Colin Wu offers a potential theory surrounding price speculation. Wu’s report on platform X highlighted the movement of a colossal 10.95 million IMX tokens – equivalent to $8.1 million – to the Upbit exchange. This transfer came from notable crypto exchanges like Binance, OKX, Bybit, and others. Following this hefty transaction, IMX’s price jumped from $0.56 to $0.74, an impressive 34.5% increase. Moreover, Wu emphasized the potential influence of Korean traders on this price movement, given Upbit’s commanding presence in South Korea, which covers over 83% of the nation’s crypto market.

Additionally, an on-chain analytics entity, Lookonchain, provided deeper insights. According to their data, these substantial IMX transfers to Upbit converged on a single wallet with the address “0x2F77.” Hence, it’s plausible that a single crypto whale orchestrated this massive price uptick. Within three hours on that eventful Thursday, tokens valued at $9.45 million – 12.54 million in IMX – were sent to the “0x2F77” address. Consequently, this address became the ninth-largest IMX holder, possessing a staggering $15 million token.

However, as the IMX price soared, some investors decided to capitalize on this upswing. Lookonchain’s data revealed that GSR Markets, a cryptocurrency investment firm, swiftly moved 2 million IMX, approximately $1.52 million, to Binance after the price surge. Besides this, three separate investors transferred 3.5 million IMX, equivalent to $2.3 million, from the Foundation Treasury Locked wallet. This movement sparked speculations of a potential market dump.

Unsurprisingly, following such hefty transactions, IMX did face a price dip of around 13.33% shortly after its dramatic rise. Whether these movements are a strategic play or mere coincidences remains a topic of intrigue in the crypto community.