ImmutableX (IMX) price rose more than 30% after a top exchange listed the altcoin.
While IMX still tops other crypto gainers in top 50 this past week, it has retreated from near $0.78, to $0.65 amid profit taking.
ImmutableX (IMX) was among the hottest coins this week, skyrocketing more than 34% to top the list of gainers across the top 50 coins by market capitalization. With mega cap altcoins largely constrained, the price of IMX rose to near $0.78 – the highest level since August 2.
Listing on one of the world’s largest cryptocurrency exchanges might have triggered the buying pressure.
Korean listing triggers IMX buyers
Immutable is billed as the “future of Web3 gaming,” with decent traction for the ecosystem seen over the past several months. The launch of the Immutable zkEVM Testnet has added to this outlook as developers find it easier to build Web3 games.
IMX has however not seen much upside amid broader crypto malaise since Bitcoin’s retreat from the $31k area. This week has however witnessed a massive spike in buy pressure – a scenario likely triggered by news of the listing of IMX/KRW on leading South Korea crypto exchange Upbit.
ImmutableX’s $IMX token skyrocketed over 30% following the listing of IMX-Korean won pair on South Korea’s leading exchange @Official_Upbit.
The newly listed IMX/KRW pair on Upbit exchange accounted for nearly 20% of the global trading volume.. pic.twitter.com/UcZhiTT7MA
— GeckoTerminal (@GeckoTerminal) September 21, 2023
But according to blockchain sleuth Lookonchain, IMX rising saw major deposits to exchanges soon after – including from top blockchain gaming company Animoca Brands.
Note that Animoca Brands withdrew 1,546,875 $IMX($1.03M) again 23 minutes ago, which will most likely be deposited to Binance again.
Animoca Brands withdrew 515,625 $IMX($342K) and deposited to #Binance 18 hours ago after $IMX rose.https://t.co/QX1fDeECBV pic.twitter.com/jNDqExj3KE
— Lookonchain (@lookonchain) September 22, 2023
At the time of writing, the cryptocurrency was seeing some downside pressure amid profit taking. IMX/USD traded around $0.65 on major cryptocurrency exchanges. According to data from CoinGecko, the altcoin had shed just over 1% in the past 24 hours.
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