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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains
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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains

Immutable (IMX) Up By 23% In A Single Day, Analyst Suspects Market Manipulation

Semilore Faleti
Semilore Faleti
Last Updated: June 11, 2024 12:50 pm
3 mins read
IMX

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IMX, native token of Ethereum layer-2 scaling solution Immutable X, recorded massive gains on Thursday, soaring by over 23% within the last 24 hours. Before this price gain, IMX had been relatively stable all week, hovering around the $0.52 price zone, according to data from Coingecko.

Behind IMX’s Rise, Analysts Points To Price Manipulation

Although there may be no clear reasons for the token’s positive price movement, Chinese reporter Colin Wu speculated about potential price speculation. 

According to a post on X by Wu, 10.95 million of the token, valued at $8.1 million, were transferred to the Upbit exchange from several other crypto exchanges, including Binance, OKX, Bybit, Crypto.com, Gate, etc. 

Korean traders are manipulating the price of IMX and driving a surge. Today, 10.95 million IMX ($8.1 million) flowed into Upbit from multiple CEXs such as Binance, OKX, Bybit, Cryptocom, Gate, etc. The price quickly rose from US$0.56 to US$1. https://t.co/JjUcqi7CKS

— Wu Blockchain (@WuBlockchain) September 21, 2023

Following these transactions, the token surged from $0.56 to $0.74, representing a 34.5% price gain. Wu has stated that Korean traders are “behind this move.” The Upbit exchange is mainly popular in South Korea, dominating over 83% of the nation’s crypto market.

Providing more insight into these transactions, on-chain analytics firm Lookonchain reports that these transfers to Upbit were sent to the same wallet with the address “0x2F77.” This indicates a single crypto whale was likely behind this price surge. 

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Within three hours on Thursday, 12.54 million of the token, valued at $9.45 million, was transferred to “0x2F77,” allowing this address to become the 9th largest holder of the token, owning 20.4 million worth $15 million. 

Furthermore, Lookonchain also revealed that several IMX investors opted to take profit following the token’s price gain. These investors include GSR Markets, a crypto investment firm that moved 2 million IMX, worth $1.52 million, to Binance right after IMX rose.

In addition, three investors withdrew 3.5 million IMX, valued at $2.3 million, from the Foundation Treasury Locked wallet and may be planning a market dump. Following such transactions, it is no surprise that IMX soon experienced a price decline of about 13.33% a few hours after its boost.

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IMX Gets Listed On Japanese Exchange

In other news, IMX has also been listed on the Japanese exchange Coincheck. According to a blog post by the crypto exchange on Thursday, IMX will now be eligible for its various services, including Coincheck NFT and  Coincheck crypto lending service. 

In addition to IMX, Coincheck also announced listing other cryptocurrencies, namely Apecoin (APE) and AXS, the governance token of the Axie Infinity gaming metaverse. 

At the time of writing, the IMX trades at around $0.64, with a price loss of 1.8% in the last hour. Based on more data from Coingecko, the token’s daily trading volume rose by 238.20%, valued at $808.50 million.

IMX

IMX trading at $0.6425 on the hourly chart | Source: IMXUSDT chart on Tradingview.com
Featured image from Binance, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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