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Ethereum-based NFT protocol cryptocurrency ImmutableX has witnessed a noticeable price increase in the last 24 hours. While such price swings are not uncommon in the crypto space, this sudden 35% increase in the $IMX token shows some interesting patterns and developments worth taking a closer look at.
South Korean investors increase prices
Navigating the crypto world can often be difficult, especially when it comes to sudden and drastic price movements. However, a closer look at $IMX’s recent rally reveals that South Korea is at the center of this move. Already known as a major hub for crypto trading and innovation, the country has emerged as a major player once again, this time for ImmutableX’s $IMX.
The data in this context is impressive: 20% of $IMX’s total trading volume flows through South Korean exchange Upbit alone. This is remarkable considering that Binance, the dominant exchange globally, accounts for only 7% of trading volume for IMX trading. So what is driving these massive trading movements on Upbit?
2/ Upbit accumulated 12.53 million $IMX ($9.45 million) was transferred to wallet “0x2F77” in the last 3 hours.
— Lookonchain (@lookonchain) September 21, 2023
Looking at data from crypto transaction analytics firm LookOnChain, an interesting pattern emerges. Nearly $10 million worth of IMX was accumulated in Upbit wallets in just three hours. Such large purchases in such a short period of time are usually a sign of coordinated and conscious investment moves.
However, what stands out here is not just the sheer volume of transactions. The pattern of how and when people buy shows that South Korean investors are not only active but also strategic. Their collective move towards $IMX may have been influenced by a variety of factors, including market news, technical analysis or perhaps insider information. Whatever the reason, one thing is clear: South Korea has once again proven its influence and importance in the global crypto market.
Active participation in global gaming and blockchain events
The rapid emergence of Web3 gaming and blockchain technology has attracted the attention of investors and technology enthusiasts worldwide. This trend is followed with great attention, especially in South Korea, which is known for its passionate gaming culture and interest in technology. Considering this, ImmutableX’s active presence in leading global gaming and blockchain events may have played a significant role in increasing its popularity and market value.
ImmutableX’s participation at the Animoca Brands Investor Day in Sydney and its presentation at the Token 2049 conference in Singapore gave the company the opportunity to present its vision, technology and plans to a wide international audience. Such events attract not only investors and technologists, but also media, influencers, and other stakeholders who can help increase interest in a product or platform and spread the word.
#Constant Tokyo Game Show is heading to 2023!
Press Play: The future of gaming continues September 21 – September 24! pic.twitter.com/PpSqwr1FGk
— Changeless (@changeless) September 20, 2023
Of particular note is ImmutableX’s upcoming participation in Tokyo Game Show 2023, one of the largest and most influential gaming expos in the world. Japan and South Korea share many cultural and technological similarities, and news from such a high-profile event could easily leak into the South Korean gaming and investment community.
In an industry characterized by rapid developments and constant innovation, such activities can make the difference between anonymity and prominence. By participating in such events, ImmutableX not only positions itself as a leader in its field, but also attracts attention and capital from investors who are always looking for the next big thing in the technology and gaming industries.
Whale activities and the technical side of ImmutableX
The crypto landscape is known for its volatility, and while many factors can influence market sentiment, “whales” (large cryptocurrency holders) often play a crucial role in price movements. Recent activity surrounding the $IMX token clearly demonstrates this. Data from Spot On Chain shows that a significant amount of IMX has accumulated in a very short period of time, with Arrington Capital, one of the leading players in the crypto world, playing a particularly notable role. By adding liquidity and transferring millions of IMX tokens, Arrington Capital is sending a strong signal to the market and showing its confidence in the potential of ImmutableX.
So what makes ImmutableX, and the $IMX token in particular, so attractive? An important factor is the technology behind the platform. As a Layer 2 solution for Ethereum, ImmutableX addresses some of the network’s most pressing problems, namely high gas fees and scalability issues, primarily in the context of NFTs. Using zk-rollup technology enables fast and cost-effective operations; This is beneficial for both artists and collectors.
The $IMX token itself offers much more than a trading opportunity. It is deeply integrated into the ImmutableX ecosystem and offers owners a variety of options. In addition to staking, where holders can receive rewards by “freezing” their tokens, there are also governance mechanisms through which token holders can make decisions about the future development of the platform. Such deep integration of the token into the ecosystem makes it attractive not only for short-term speculators, but also for long-term investors and platform users.
This coin has even bigger breakout potential than $IMX
In the exciting world of cryptocurrencies, there is only one cryptocurrency on everyone’s lips right now: Wall Street Memes, abbreviated as $WSM. Not only does this coin have the potential to revolutionize the crypto scene, but it may also offer greater breakout potential than other much-hyped coins like $IMX.
$WSM stands out from the crowd not only because of its catchy name, but also because of its unique approach to the cryptoverse. Inspired by the Wall Street Bets movement and the collective spirit of retail investors, Wall Street Memes brings a refreshing approach to the world of digital currencies. This money is more than a digital currency; It is a symbol of rebellion against traditional financial markets.
The $WSM Presale has already garnered a lot of attention, and for good reason. The opportunity to invest early in a project supported by a passionate community and experienced team is extremely attractive. During the Pre-Sales, $WSM is priced attractively, allowing a wide range of investors to be a part of this emerging coin.
What makes WSM special is not only its humorous approach to satirizing the world of finance, but also the already successful Wall Street Bulls Ordinals NFT Collection created by the creators of $WSM. This NFT collection was a huge success and highlights the creative vision and assertiveness of the team behind Wall Street Memes.
Last update date: September 21, 2023
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