Price of IMX Token Surges 32.56%: What Caused the Sharp Jump?
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The Price of the Immutable
On September 21, the price of the IMX token experienced a significant increase of 32.56%, as reported by TradingView. At its peak, the price reached $0.83, but it has since dropped to $0.64.
This surge in price also led to an increase in the asset’s market capitalization. Within hours, the market cap surged from $647.5 million to $887 million, according to CoinMarketCap. Additionally, the daily trading volume rose from $17.7 million to $330 million.
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What Led to the Rise in IMX Token Price?
Based on the data available, 10.95 million IMX tokens were transferred to the Upbit exchange from various platforms. The first transfers were made on the night of September 21, coinciding with the price spike, as indicated by Etherscan statistics.
Analysts from Lookonchain commented on this situation, noting that after the price surge, investors have been actively selling IMX tokens, including those from a closed treasury account.
1/ price $imx Today it is up 35%.
We noticed that #Upbit The wallets were piling up $imx.
Investors/institutions were making the deposit $imx To the stock market after prices rise. pic.twitter.com/brWNourpoi
– Loconchain (@loconchain) September 21, 2023
The Reason Behind the Sharp Rise in IMX Price
The exact cause of the sudden increase in IMX token price remains uncertain, with analysts offering various explanations. Journalist Colin Wu suggests that someone could be manipulating the asset’s price due to its rapid surge.
Korean traders manipulate the IMX price and drive it higher. Today, 10.95 million IMX ($8.1 million) have flowed into Upbit from several CEX exchanges 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
Another possibility for the price surge is arbitrage trading, where individuals manipulate the price to buy on one exchange and sell on another.
