Immutable (IMX) Up By 23% In A Single Day, Analyst Suspects Market Manipulation
22 Setembro 2023 - 12:00AM
NEWSBTC
IMX, native token of Ethereum layer-2 scaling solution Immutable X,
recorded massive gains on Thursday, soaring by over 23% within the
last 24 hours. Before this price gain, IMX had been relatively
stable all week, hovering around the $0.52 price zone, according to
data from Coingecko. Behind IMX’s Rise, Analysts Points To Price
Manipulation Although there may be no clear reasons for the token’s
positive price movement, Chinese reporter Colin Wu speculated about
potential price speculation. According to a post on X by Wu,
10.95 million of the token, valued at $8.1 million, were
transferred to the Upbit exchange from several other crypto
exchanges, including Binance, OKX, Bybit, Crypto.com, Gate,
etc. Following these transactions, the token surged from
$0.56 to $0.74, representing a 34.5% price gain. Wu has stated that
Korean traders are “behind this move.” The Upbit exchange is mainly
popular in South Korea, dominating over 83% of the nation’s crypto
market. Providing more insight into these transactions, on-chain
analytics firm Lookonchain reports that these transfers to Upbit
were sent to the same wallet with the address “0x2F77.” This
indicates a single crypto whale was likely behind this price
surge. Related Reading: IMX Spikes 10% In Last 24 Hours –
Will It Start The Week Strong? Within three hours on Thursday,
12.54 million of the token, valued at $9.45 million, was
transferred to “0x2F77,” allowing this address to become the 9th
largest holder of the token, owning 20.4 million worth $15
million. Furthermore, Lookonchain also revealed that several
IMX investors opted to take profit following the token’s price
gain. These investors include GSR Markets, a crypto investment firm
that moved 2 million IMX, worth $1.52 million, to Binance right
after IMX rose. In addition, three investors withdrew 3.5 million
IMX, valued at $2.3 million, from the Foundation Treasury Locked
wallet and may be planning a market dump. Following such
transactions, it is no surprise that IMX soon experienced a price
decline of about 13.33% a few hours after its boost. Related
Reading: SHIB Frenzy: Robinhood’s 35 Trillion Token Acquisition
Sparks Speculation Of Imminent Price Surge IMX Gets Listed On
Japanese Exchange In other news, IMX has also been listed on the
Japanese exchange Coincheck. According to a blog post by the crypto
exchange on Thursday, IMX will now be eligible for its various
services, including Coincheck NFT and Coincheck crypto
lending service. In addition to IMX, Coincheck also announced
listing other cryptocurrencies, namely Apecoin (APE) and AXS, the
governance token of the Axie Infinity gaming metaverse. At
the time of writing, the IMX trades at around $0.64, with a price
loss of 1.8% in the last hour. Based on more data from Coingecko,
the token’s daily trading volume rose by 238.20%, valued at $808.50
million. IMX trading at $0.6425 on the hourly chart | Source:
IMXUSDT chart on Tradingview.com Featured image from Binance, chart
from Tradingview
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