ImmutableX Surges 34% Following Listing on Major Crypto Exchange
ImmutableX (IMX) experienced a significant price increase of over 30% after being listed on a major cryptocurrency exchange. Although IMX remains one of the top gainers among the top 50 coins, it has slightly pulled back from its peak price of $0.78 to $0.65 as some investors took profits.
ImmutableX (IMX) stood out as one of the most successful coins this week, with a remarkable surge of more than 34% to secure the top spot among the gainers in the top 50 coins by market capitalization. The price of IMX reached a near all-time high of $0.78, the highest level since August 2.
The strong buying pressure that propelled the price can likely be attributed to the listing of IMX/KRW (South Korean won) on Upbit, one of the largest cryptocurrency exchanges in the world.
Korean Listing Sparks Interest in IMX
ImmutableX is often referred to as the “future of Web3 gaming” and has gained notable traction within the ecosystem over the past few months. The launch of the Immutable zkEVM Testnet has further enhanced its potential as developers find it easier to build Web3 games.
Despite the overall downturn in the cryptocurrency market following Bitcoin’s retreat from the $31k range, IMX has experienced a significant influx of buying pressure this week. This surge is likely a result of the news regarding the listing of IMX/KRW on Upbit, a leading South Korean crypto exchange.
According to blockchain analysis by Lookonchain, the rise of IMX has led to major deposits being made to various exchanges, including a substantial deposit from Animoca Brands, a prominent blockchain gaming company.
At the time of writing, IMX is facing some downward pressure as some investors take profits. The cryptocurrency is currently trading around $0.65 on major exchanges, reflecting a minor 1% decrease in the past 24 hours according to CoinGecko.
While the cryptocurrency market is known for its volatility, the listing of IMX on a major exchange has undoubtedly provided a significant boost to its value. This surge in interest demonstrates the growing appetite for innovative blockchain projects like ImmutableX and the potential they hold for the future of gaming and decentralized applications.
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