IMX Token Soars as SEC Drops Investigation Into Immutable
IMX Token– Immutable’s crypto gaming token, IMX, saw a 15% surge following the news that the US Securities and Exchange Commission (SEC) had closed its investigation into the company. The SEC stated it would take no further action, causing IMX to rise sharply to just under $0.74 on March 25. The firm confirmed that this closed “the loop on the Wells notice issued by the SEC last year,” marking a significant relief for the company.
IMX’s recent rise to $0.74 is the highest price it has reached since March 3, before the market downturn caused by uncertainties surrounding US President Donald Trump’s tariffs and US interest rates. The broader market decline pushed IMX Token down to $0.46 on March 11. At the time of writing, IMX has retraced slightly to $0.67, according to CoinMarketCap.
Short Positions at Risk
As the price of IMX Token surged, CoinGlass data suggests that a further move toward the $0.70 mark would likely result in the liquidation of approximately $449,500 worth of short positions. While the token responded positively to the SEC’s decision, the price remained relatively unchanged when Immutable first announced the Wells notice in November. This was likely due to broader market conditions, as the market was gaining momentum in anticipation of Trump’s eventual victory in the November elections.
Immutable co-founder Robbie Ferguson celebrated the SEC’s decision on Twitter, calling it “an enormous win for Web3 gaming.” Ferguson emphasized that after a year of challenges, the threat to digital ownership rights had been resolved. This development comes amid a general rise in the crypto gaming market, with notable tokens such as Gala (GALA), The Sandbox (SAND), and Axie Infinity (AXS) seeing positive movement.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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