The price of the Immutable
On the morning of September 21, the price of the IMX token rose 32.56%, according to TradingView. Currently, the price of IMX reached $0.83, but later retreated, and the asset is now trading at $0.64.
The capitalization of assets also increased. Within hours, it jumped from $647.5 million to $887 million, according to CoinMarketCap. Daily trading volume increased from $17.7 million to $330 million.
What happened to the IMX code?
According to this data, 10.95 million IMX were transferred to the Upbit exchange from different platforms. The first tranches arrived on the night of September 21, when the price began to rise, according to Etherscan statistics.
Lookonchain analysts also commented on the situation. They noted that after the jump in price, investors are actively selling IMX, including from a closed treasury account.
What is the reason for the sharp jump in the price of IMX?
It is not known exactly what caused the spike in tokens; Analysts have different reasons. Given the rapid rise in the price of the token, journalist Colin Wu believes that someone is manipulating the price of the asset.
Another possibility for rising prices is to take advantage of arbitrage trading by manipulating the price and then buying on one exchange and dumping it on another.
