The price of IMX has surged by more than 10% today and 32% over the past week, marking a significant uptick following a period of neutral trend.
This notable increase indicates a growing bullish sentiment surrounding the currency, fueled by increased bull power within the cryptocurrency industry.
In tandem with the price surge, Immutable’s 24-hour trading volume has also experienced a notable uptick, gaining 26% in recent trading activity. This rise in trading volume reflects heightened market interest and activity surrounding IMX.
However, on-chain reports have revealed intriguing developments regarding IMX transactions. Over the past 24 hours, six new wallets have collectively deposited 1.62 million $IMX into Coinbase, amounting to $4.48 million US dollars.
These transactions have raised suspicions as all six addresses are believed to be linked to the same whale or institution.
— Ai 姨 (@ai_9684xtpa) February 12, 2024
Massive Potent Profit On IMX Following Recent Price Action
Notably, these addresses initiated their IMX positions in mid-to-late January 2024, and the quantities deposited are closely aligned. The average transfer cost for these tokens stands at $1.89. If these holdings are eventually sold, potential profits could reach $1.4 million, particularly considering IMX’s recent 32% price increase over the past 30 days.
The influx of IMX into Coinbase and the suspected consolidation of holdings by a single entity underscore the evolving dynamics within the IMX market. While bullish sentiments prevail, the market remains subject to the influence of large players and institutional activity.
As IMX continues to experience fluctuations in price and trading activity, investors and analysts alike closely monitor developments within the cryptocurrency landscape, anticipating further insights into market trends and investor behavior.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.