Immutable X Suddenly Increases More Than 35% As Whales Show Signs Of Accumulation

Spot On Chain data, which provides real-time insights into centralized (CEX) and decentralized (DEX) exchange netflows, shows a notable uptick in negative netflow, suggesting that whales have been accumulating IMX tokens. Arrington Capital, a prominent player in the crypto space, seems to have foreseen this trend as they added liquidity (LP) to the platform 16 hours ago.

Further analysis of blockchain records reveals that Arrington Capital executed a large transfer of millions of IMX tokens from wallet address 0x876 to 0x694764 via an intermediary wallet, 0xba31b949, a few days ago.

Immutable X serves a dual purpose: it enhances transaction speed on the Ethereum network and facilitates the creation and trading of non-fungible tokens (NFTs). IMX, the native token of Immutable X, plays a multifaceted role within the ecosystem. Holders can stake IMX, participate in governance decisions, and use it as a utility token for fee payments.

In essence, Immutable X operates as both a layer-2 scaling solution and an NFT trading platform. It was founded in 2021 by Immutable, an Australian tech company established by James and Robbie Ferguson.

As of the latest update, IMX is trading at $0.6977 per token. The recent price surge may attract increased liquidity but could also lead retail investors to consider profit-taking.

IMX price chart. Source: TradingView

Immutable X previously experienced an 18% price uptick in July when South Korea’s Upbit, a prominent crypto exchange, announced the listing of the IMX token. The platform’s recent surge highlights the growing interest in layer-2 solutions and NFT ecosystems within the crypto market.

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