Immutable X Price Skyrockets Over 35% on Strong Whale Accumulation Signals

Crypto News– Spot On Chain data, a real-time analytics platform specializing in monitoring both centralized (CEX) and decentralized (DEX) exchange netflows, has detected a significant rise in negative netflow, indicating a conspicuous accumulation of IMX tokens by large investors. Arrington Capital, a prominent player in the cryptocurrency space, seems to have been ahead of the curve as they injected liquidity (LP) into the platform just 16 hours ago.

Immutable X Price Skyrockets Over 35% on Strong Whale Accumulation Signals

Upon deeper scrutiny of blockchain records, it becomes apparent that Arrington Capital initiated a substantial transfer of millions of IMX tokens from wallet address 0x876 to 0x694764, with an intermediary wallet at 0xba31b949, several days ago.

Immutable X serves a dual function as both a catalyst for accelerating transaction speeds on the Ethereum network and as a robust platform for the creation and trading of non-fungible tokens (NFTs). The native token, IMX, plays a multifaceted role within the ecosystem, allowing holders to engage in staking, participate in governance decisions, and employ it as a utility token for fee settlements.

In essence, Immutable X operates as a hybrid layer-2 scaling solution and an NFT trading hub, a project founded in 2021 by Immutable, an Australian tech company led by James and Robbie Ferguson.

At present, IMX is exchanging hands at $0.6977 per token. The recent upswing in price may attract more liquidity into the system, although it also raises the possibility of retail investors contemplating profit-taking. Immutable X had previously experienced an 18% price surge in July following the announcement of IMX token listing on South Korea’s renowned crypto exchange, Upbit. The recent surge underscores the escalating interest in layer-2 solutions and the burgeoning NFT ecosystems within the cryptocurrency market.