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Upbit-Powered Surge: ImmutableX's IMX Token Rockets 35% in Volume Rally

Sep 22, 2023 at 10:38 am

The IMX token, representing the native currency on the ImmutableX platform tailored for non-fungible tokens (NFTs), recently witnessed a significant upswing, primarily attributed to the enthusiastic participation of South Korean traders.

During the Asian trading session, the cryptocurrency experienced an impressive surge of 35%, surging to an impressive 74 cents, as reported by Bitsday. This surge stands in contrast to the performance of major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, and Binance Coin (BNB), which saw more modest declines ranging from 0.5% to 1%.

This surge in the value of IMX was accompanied by a substantial 22% increase in the global trading volume over a 24-hour period, reaching a total of $556 million. Notably, the IMX-Korean won pair (IMX/KRW) listed on South Korea's Upbit exchange accounted for nearly 20% of the total global trading activity. Additionally, Binance's IMX-tether pair (IMX/USDT) contributed 7% to the overall volume, based on data sourced from Coingecko.

Analysts at LookonChain, a blockchain analytics firm, observed that wallets linked to Upbit accumulated approximately 12.53 million IMX tokens (equivalent to $9.27 million) during this surge. Subsequently, these funds were transferred to address 0x2F77AEd5B7259ABD27077f9F99772aDDF913E62E, which currently holds over 21 million IMX tokens.

The surge in price led certain market participants to move their holdings to various exchanges, signaling a potential intent to liquidate their assets.

"Following the surge in IMX price, investors released 3.05 million IMX tokens, equivalent to $2.3 million, from the Foundation Treasury Locked wallet. There is speculation that these tokens may have been sold on the market," reported LookOnChain on X.

Open interest hits record high

Simultaneously, the metric known as open interest, which measures active positions in perpetual futures contracts tied to IMX, witnessed an extraordinary surge of over 400%, setting a new record at 115.42 IMX (equivalent to $80 million). An increase in open interest, particularly alongside a surge in price, is often interpreted as a sign of increased capital inflow into the market.
Open interest has surged by over 400%, as reported by Coinglass.Open interest has surged by over 400%, as reported by Coinglass. 

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