IMX, the native token of the ImmutableX non-fungible tokens (NFTs) platform, experienced a remarkable surge in value, driven primarily by South Korean traders. During Asian trading hours, the cryptocurrency surged by an impressive 35%, reaching a price of 74 cents, as per CoinDesk data. In contrast, major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Binance Coin (BNB) were trading slightly lower, with declines ranging from 0.5% to 1%.
This price rally accompanied a substantial 22% increase in the 24-hour global trading volume, which soared to $556 million. Notably, the IMX-Korean won (IMX/KRW) trading pair listed on South Korea’s Upbit exchange accounted for nearly 20% of the global trading activity. Following closely was Binance’s IMX-tether (IMX/USDT) pair, contributing 7% to the overall trading volume, according to data from Coingecko.
Blockchain analytics from LookonChain revealed that wallets associated with Upbit accumulated a significant 12.53 million IMX tokens, equivalent to approximately $9.27 million, as the cryptocurrency experienced its surge. Subsequently, these tokens were transferred to address 0x2F77AEd5B7259ABD27077f9F99772aDDF913E62E, which now holds over 21 million IMX tokens.
The price increase prompted some market participants to move their IMX tokens to exchanges, potentially to liquidate their holdings. LookOnChain noted, “Investors unlocked 3.05M IMX ($2.3M) from the Foundation Treasury Locked wallet after the IMX price increased, possibly dumping to the market.”
Moreover, the surge in IMX’s price coincided with a substantial increase in active or open positions in perpetual futures contracts tied to IMX. This figure surged by over 400%, reaching a record high of 115.42 IMX tokens, equivalent to approximately $80 million. Traditionally, a rise in open interest and a price increase indicates new capital flowing into the market.
The surge in IMX token value and trading activity highlights the continued interest and enthusiasm surrounding the NFT sector and ImmutableX’s role. Monitoring how these trends impact the broader digital asset landscape and the NFT ecosystem is essential as the cryptocurrency market evolves.