- Lookonchain revealed in an X post today that Upbit accumulated 12.53 million IMX tokens following its 35% gain.
- Meanwhile, institutions deposited large amounts of IMX to Binance over the past few hours.
- At press time, IMX was changing hands at $0.7023 according to CoinMarketCap data.
The on-chain tracking firm Lookonchain revealed in a thread posted on X earlier today that Upbit wallets accumulated a lot of Immutable (IMX) in the past 24 hours. During this time, investors and institutions were also depositing IMX to exchanges. According to the thread, this spike in on-chain activity was triggered by the altcoin’s 35% price surge throughout the past day.
Analyzing the on-chain data in more detail shows that Upbit scooped up 12.53 million IMX tokens, worth $9.45 million, over the past few hours. Lookonchain noted that the Upbit wallet “0x2F77” currently holds 20.4 million IMX tokens – making it the 9th largest IMX holder.
Meanwhile, trading firm GSR deposited 2 million IMX tokens on Binance following a 35% increase in the cryptocurrency’s price. Similarly, the fund represented by the wallet “0x74c…441” also made a large transfer of 851,322 IMX tokens to Binance. Lookonchain’s data revealed that GSR’s deposit was worth $1.52 million, while the second fund’s transfer was valued at $647,000.
The past 24 hours also saw investors unlock 3.05 million IMX tokens from the Foundation Treasury Locked wallet, added Lookonchain. Subsequently, the firm forecasted that the cryptocurrency’s price may drop slightly as a result of potential selling pressure from these investors.
At press time, CoinMarketCap indicated that IMX was changing hands at $0.7023. Following its 35% gain throughout the past day of trading, IMX’s price had pulled back slightly. Nonetheless, the cryptocurrency’s price was still up 29.83% over the past 24 hours. Furthermore, its weekly performance was deep in the green zone and stood at +41.48%.
The numerous transfers during the past 24 hours boosted IMX’s 24-hour trading volume by 2,106.45%. As a result, its total volume was estimated to be just over $264.516 million at press time.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
