Share this article
NFT Platform ImmutableX's IMX Token Surges 35% With Upbit Leading Volume Growth
The IMX-Korean won pair listed on South Korea's leading exchange Upbit accounted for nearly 20% of the global trading volume.
Updated Sep 22, 2023, 3:33 p.m. Published Sep 21, 2023, 4:59 a.m.
Make us preferred on Google
IMX, the native token of non-fungible tokens platform ImmutableX, surged on Thursday, led by South Korean traders.
The cryptocurrency rose 35% to 74 cents during the Asian trading hours, CoinDesk data show. Major cryptocurrencies like bitcoin , ether , XRP and BNB traded 0.5% to 1% lower.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The price rally is accompanied by over 22% increase in the 24-hour global trading volume, which rose to $556 million. The IMX-Korean won (IMX/KRW) pair listed on South Korea's Upbit exchange accounted for nearly 20% of the global activity, followed by Binance's IMX-tether (IMX/USDT) pair, which contributed 7% to the total volume, per data source Coingecko.
According to blockchain sleuth LookonChain, wallets tied to Upbit accumulated 12.53 million IMX ($9.27 million) as the cryptocurrency surged. The balance was then transferred to address 0x2F77AEd5B7259ABD27077f9F99772aDDF913E62E, which now holds over 21 million IMX.
The price rise saw some market participants move their coins to exchanges, perhaps in a bid to liquidate holdings.
"Investors unlocked 3.05M IMX ($2.3M) from the Foundation Treasury Locked wallet after the IMX price increased, possibly dumping to the market," LookOnChain said on X.
3/ GSR deposited 2M $IMX ($1.52M) into #Binance after $IMX rose.https://t.co/RuPpdgwRiI
— Lookonchain (@lookonchain) September 21, 2023
And Fund: 0x74c...441 also deposited 851,322 $IMX ($647K) into #Binance after $IMX rose.https://t.co/CWV7yvg2kR pic.twitter.com/bHORrlkUd0
Open interest hits record high
The number of active or open positions in perpetual futures tied to IMX, surged over 400% to a record high of 115.42 IMX ($80 million).
An increase in the so-called open interest alongside a rise in a price is said to represent an influx of new money in the market.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Fed rates decision, Tesla earnings, Bybit roadmap: Crypto Week Ahead
Your look at what's coming in the week starting Jan. 26.
What to know:
You are reading Crypto Week Ahead: a comprehensive list of what's coming up in the world of cryptocurrencies and blockchain in the coming days, as well as the major macroeconomic events that will influence digital asset markets. For an updated daily email reminder of what's expected, click here to sign up for Crypto Daybook Americas. You won't want to start your day without it.
Top Stories
