IMX Token Soars 33% in a Flash: Experts Investigate Potential Market Manipulation
Cryptocurrency enthusiasts were left astounded on the morning of September 21 as the Immutable X blockchain project's IMX token experienced a meteoric 32.56% surge in its value, as reported by TradingView. This dramatic price spike saw IMX's value skyrocket to an impressive $0.83, only to retrace its steps and settle at $0.64.
Notably, this surge wasn't limited to price alone; the asset's market capitalization also experienced an exponential growth spurt. Within the span of just a few hours, it surged from $647.5 million to an eye-popping $887 million, according to data from CoinMarketCap. Daily trading volume followed suit, witnessing a remarkable surge from $17.7 million to a staggering $330 million.
But what truly set tongues wagging in the crypto community was the movement of 10.95 million IMX tokens to the Upbit exchange from various platforms. Etherscan statistics confirmed that these transfers began on the night of September 21, coinciding with the onset of the token's price surge.
1/ The price of $IMX skyrocketed by 35% today.— Lookonchain (@lookonchain) September 21, 2023
We noticed that #Upbit wallets were accumulating $IMX.
And investors/institutions were depositing $IMX to exchanges after the price increase. pic.twitter.com/brWNourpoi
Seeking insights into this unprecedented event, analysts at Lookonchain couldn't remain silent. They observed that after the price surge, a wave of investors began offloading their IMX holdings, even from a closed treasury account.
The burning question on everyone's mind remains: what catalyzed this sudden, monumental leap in IMX's price? Crypto experts are divided, with differing theories attempting to shed light on this enigma. Notably, journalist Colin Wu expressed suspicions of foul play, suggesting that the asset's price might be under manipulation by an unknown entity.
Another school of thought proposes the possibility of arbitrage trading strategies at play. This theory suggests that by manipulating IMX's price and causing a surge, certain actors could exploit arbitrage opportunities by purchasing on one exchange and selling at a premium on another.
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
The crypto world is no stranger to volatility, but the recent IMX token surge has certainly raised eyebrows and sparked discussions. As experts continue to delve into the intricacies of this event, one thing remains clear: in the world of cryptocurrencies, the unexpected is always just around the corner, and it's up to investors and experts to decipher the ever-evolving landscape of digital assets. The true story behind IMX's leap may be elusive for now, but the crypto community eagerly awaits further developments and revelations in this intriguing saga.