DLC ImmutableX’s IMX Token Soars 35% as Upbit Leads Volume Surge on NFT Platform -

ImmutableX’s IMX Token Soars 35% as Upbit Leads Volume Surge on NFT Platform

ImmutableX’s native token, IMX, experienced a remarkable surge of 35% during Asian trading hours, propelled by enthusiastic South Korean traders. This impressive rally brought IMX’s value to 74 cents, according to CoinDesk data. In contrast, major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, and Binance Coin (BNB) traded 0.5% to 1% lower.

This price surge coincided with a substantial 22% increase in 24-hour global trading volume, soaring to $556 million. Notably, the IMX-Korean won (IMX/KRW) pair, listed on South Korea’s premier exchange, Upbit, played a pivotal role, contributing nearly 20% to the global trading activity. Binance’s IMX-tether (IMX/USDT) pair also had a notable share, accounting for 7% of the total volume, as reported by data source Coingecko.

Blockchain sleuth LookonChain observed that wallets associated with Upbit accumulated 12.53 million IMX, equivalent to $9.27 million, as IMX prices surged. Subsequently, these holdings were transferred to address 0x2F77AEd5B7259ABD27077f9F99772aDDF913E62E, which now holds over 21 million IMX tokens. This price surge prompted some market participants to shift their holdings to exchanges, potentially with the intent to liquidate their positions.

In an interesting development, investors unlocked 3.05 million IMX tokens, valued at $2.3 million, from the Foundation Treasury Locked wallet following the IMX price increase. This move may have contributed to selling pressure in the market, as suggested by LookonChain.

Additionally, the surge in IMX’s price was accompanied by a staggering 400% increase in open interest for perpetual futures contracts tied to IMX, reaching a record high of 115.42 IMX, equivalent to $80 million. An upswing in open interest, coupled with a rising price, typically signifies an influx of new capital into the market.

As IMX continues to capture the attention of traders and investors, its performance on Upbit and Binance, as well as the dynamics of its futures contracts, will remain key indicators to watch. These developments underscore the growing prominence of non-fungible token (NFT) platforms and their native tokens in the ever-evolving cryptocurrency landscape.

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