Whales Accumulate Immutable X Token as its Price Surges by 50% in One Week

The IMX token has surged by 50% in the past week. On-chain data reveals that whales have been accumulating IMX since November 2022.
Whales Accumulate Immutable X Token as its Price Surges by 50% in One Week
Image from Unsplash

On the 2nd of February, data intelligence platform, Santiment revealed that Immutable X whales have been accumulating the IMX token since late 2022. Since November last year, whale accounts holding between 1 million and 100 million IMX tokens have increased by over 58%.

The IMX token has had a 14% appreciation in the last 24 hours. IMX has also seen a price pump of 50% in the past week.

The recent surge in Whales’ interest has been linked to Immutable X’s ZK-rollup technology. The protocol has implemented zero-knowledge proofs to verify NFT data on-chain. The ZK technology is quickly gaining traction as more DeFi, Web3, and NFT projects find ZK-rollups and ZK-snarks useful.

ZK-rollups make trading possible on the second layer, while transaction validation occurs on the first layer, that is, the Ethereum blockchain. This effectively scales the network, making transactions multiple times faster. Additionally, users enjoy zero gas fees for minting NFTs on the Immutable X protocol.

Immutable X is the first project built to scale NFTs and Ethereum. The project was founded by James Ferguson, who also serves as the CEO of Gods Unchained. In 2019, Immutable X raised $15 million in its second series funding round. The project has grown exponentially with backing from big names like Coinbase and Galaxy Digital.

Immutable X (IMX) Price Analysis

IMX token recently reached the $1 mark for the first time since August 2022. Despite the recent surge in price, IMX is still 90% below its all-time high. IMX reached its ATH in November 2021, when the token traded above $9.5. Unfortunately, its valuation could not be sustained as its price crashed from the peak following Bitcoin’s downfall in December.

Image from TradingView

Trading volume for IMX has also surged by 65% in the last 24 hours. On the daily chart of IMX/USDT, price levels to watch out for include $0.65 – $0.70 and $1.15 – $1.20. IMX previously broke a resistance around the $0.70 mark, and an SNRC1 pattern is likely to form around that region if a pullback occurs. A retracement to this price zone could form a higher low before the price surge continues. On the flip side, if bullish momentum continues, traders can anticipate a surge to the $1.20 level before the price faces rejection.

The IMX token now has a market cap of $762 million and occupies the 62nd position on the crypto market chart. IMX is available for trading across multiple centralized exchanges. Binance is the centralized exchange with the largest trading volume for the token. On the other hand, Uniswap exchange has the largest trade volume for IMX amongst all DEXs.

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