{"id":552400,"date":"2023-09-22T03:00:20","date_gmt":"2023-09-22T03:00:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552400"},"modified":"2024-06-11T12:50:39","modified_gmt":"2024-06-11T12:50:39","slug":"immutable-imx-up-by-23-in-a-single-day-analyst-suspects-market-manipulation","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/immutable-imx-up-by-23-in-a-single-day-analyst-suspects-market-manipulation\/","title":{"rendered":"Immutable (IMX) Up By 23% In A Single Day, Analyst Suspects Market Manipulation"},"content":{"rendered":"<p><span style=\"font-weight: 400\">IMX, native token of Ethereum layer-2 scaling solution Immutable X, recorded massive gains on Thursday, soaring by over 23% within the last 24 hours. Before this price gain, IMX had been relatively stable all week, hovering around the $0.52 price zone, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/immutablex\" target=\"_blank\" rel=\"noopener nofollow\">data from Coingecko<\/a>.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Behind IMX\u2019s Rise, Analysts Points To Price Manipulation<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Although there may be no clear reasons for the token&#8217;s positive price movement, Chinese reporter Colin Wu speculated about potential price speculation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to a <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/50455630?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E50455630%7Ctwgr%5Ee38b0a253220dcf3a745a2e75c0f7df0d5a70d47%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fimx-token-jumped-by-33-in-a-few-hours-experts-suspect-market-manipulation%2F\" target=\"_blank\" rel=\"noopener nofollow\">post on X<\/a> by Wu, 10.95 million of the token, valued at $8.1 million, were transferred to the <a href=\"https:\/\/uniquehot.com\/news\/south-korea-crypto-exchanges-upbit-and-bithumb-probed-over-lawmakers-scandal\/\" target=\"_blank\" rel=\"noopener \">Upbit exchange<\/a> from several other crypto exchanges, including Binance, OKX, Bybit, Crypto.com, Gate, etc.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Korean traders are manipulating the price of IMX and driving a surge. Today, 10.95 million IMX ($8.1 million) flowed into Upbit from multiple CEXs such as Binance, OKX, Bybit, Cryptocom, Gate, etc. The price quickly rose from US$0.56 to US$1. <a href=\"https:\/\/t.co\/JjUcqi7CKS\" rel=\"nofollow\">https:\/\/t.co\/JjUcqi7CKS<\/a><\/p>\n<p>&mdash; Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/50455630?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 21, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Following these transactions, the token surged from $0.56 to $0.74, representing a 34.5% price gain. <\/span><span style=\"font-weight: 400\">Wu has stated that Korean traders are &#8220;behind this move.&#8221; The Upbit exchange is mainly popular in South Korea, dominating over<a href=\"https:\/\/www.statista.com\/statistics\/1261694\/south-korea-market-share-of-crypto-exchanges\/\" target=\"_blank\" rel=\"noopener nofollow\"> 83% of the nation&#8217;s crypto market.<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400\">Providing more insight into these transactions, on-chain analytics firm Lookonchain <a href=\"https:\/\/x.com\/lookonchain\/status\/60449730?s=20\" target=\"_blank\" rel=\"noopener nofollow\">reports<\/a> that these transfers to Upbit were sent to the same wallet with the address &#8220;0x2F77.&#8221; This indicates a single crypto whale was likely behind this price surge.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/imx-spikes-10-in-last-24-hrs\/\" target=\"_blank\" rel=\"noopener \">IMX Spikes 10% In Last 24 Hours \u2013 Will It Start The Week Strong?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Within three hours on Thursday, 12.54 million of the token, valued at $9.45 million, was transferred to \u201c0x2F77,&#8221; allowing this address to become the 9th largest holder of the token, owning 20.4 million worth $15 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, Lookonchain also revealed that several IMX investors opted to take profit following the token\u2019s price gain. These investors include GSR Markets, a crypto investment firm that moved 2 million IMX, worth $1.52 million, to Binance right after IMX rose.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, three investors withdrew 3.5 million IMX, valued at $2.3 million, from the Foundation Treasury Locked wallet and may be planning a market dump. Following such transactions, it is no surprise that IMX soon experienced a price decline of about 13.33% a few hours after its boost.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shib-frenzy-robinhoods-35-trillion-token-acquisition-sparks-speculation-of-imminent-price-surge\/\" target=\"_blank\" rel=\"noopener \">SHIB Frenzy: Robinhood\u2019s 35 Trillion Token Acquisition Sparks Speculation Of Imminent Price Surge<\/a><\/div>\n<h2><span style=\"font-weight: 400\">IMX Gets Listed On Japanese Exchange<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In other news, IMX has also been listed on the Japanese exchange Coincheck. According to a<a href=\"https:\/\/corporate.coincheck.com\/press\/B0cwfLkn\" target=\"_blank\" rel=\"noopener nofollow\"> blog post<\/a> by the crypto exchange on Thursday, IMX will now be eligible for its various services, including Coincheck NFT and\u00a0 Coincheck crypto lending service.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition to IMX, Coincheck also announced listing other cryptocurrencies, namely <a href=\"https:\/\/uniquehot.com\/news\/the-apecoin-quandary-why-additional-losses-could-persist\/\" target=\"_blank\" rel=\"noopener \">Apecoin (APE)<\/a> and AXS, the governance token of the Axie Infinity gaming metaverse.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, the IMX trades at around $0.64, with a price loss of 1.8% in the last hour. Based on more data from Coingecko, the token\u2019s daily trading volume rose by 238.20%, valued at $808.50 million.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/EWxydmPm\/\" alt=\"IMX\" width=\"1479\" height=\"906\"><\/p>\n<pre style=\"text-align: center\">IMX trading at $0.6425 on the hourly chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">IMXUSDT chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">\n<div class=\"disclaimer-shortcode\">Featured image from Binance, chart from Tradingview<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IMX, native token of Ethereum layer-2 scaling solution Immutable X, recorded massive gains on Thursday, soaring by over 23% within the last 24 hours. Before this price gain, IMX had been relatively stable all week, hovering around the $0.52 price zone, according to data from Coingecko. Behind IMX\u2019s Rise, Analysts Points To Price Manipulation Although there may be no clear reasons for the token&#8217;s positive price movement, Chinese reporter Colin Wu speculated about potential price speculation.\u00a0 According to a post on X by Wu, 10.95 million of the token, valued at $8.1 million, were transferred to the Upbit exchange from several other crypto exchanges, including Binance, OKX, Bybit, Crypto.com, Gate, etc.\u00a0 Following these transactions, the token surged from $0.56 to $0.74, representing a 34.5% price gain. Wu has stated that Korean traders are &#8220;behind this move.&#8221; The Upbit exchange is mainly popular in South Korea, dominating over 83% of the nation&#8217;s crypto market. Providing more insight into these transactions, on-chain analytics firm Lookonchain reports that these transfers to Upbit were sent to the same wallet with the address &#8220;0x2F77.&#8221; This indicates a single crypto whale was likely behind this price surge.\u00a0 Related Reading: IMX Spikes 10% In Last 24 Hours \u2013 Will It Start The Week Strong? Within three hours on Thursday, 12.54 million of the token, valued at $9.45 million, was transferred to \u201c0x2F77,&#8221; allowing this address to become the 9th largest holder of the token, owning 20.4 million worth $15 million.\u00a0 Furthermore, Lookonchain also revealed that several IMX investors opted to take profit following the token\u2019s price gain. These investors include GSR Markets, a crypto investment firm that moved 2 million IMX, worth $1.52 million, to Binance right after IMX rose. In addition, three investors withdrew 3.5 million IMX, valued at $2.3 million, from the Foundation Treasury Locked wallet and may be planning a market dump. Following such transactions, it is no surprise that IMX soon experienced a price decline of about 13.33% a few hours after its boost. Related Reading: SHIB Frenzy: Robinhood\u2019s 35 Trillion Token Acquisition Sparks Speculation Of Imminent Price Surge IMX Gets Listed On Japanese Exchange In other news, IMX has also been listed on the Japanese exchange Coincheck. According to a blog post by the crypto exchange on Thursday, IMX will now be eligible for its various services, including Coincheck NFT and\u00a0 Coincheck crypto lending service.\u00a0 In addition to IMX, Coincheck also announced listing other cryptocurrencies, namely Apecoin (APE) and AXS, the governance token of the Axie Infinity gaming metaverse.\u00a0 At the time of writing, the IMX trades at around $0.64, with a price loss of 1.8% in the last hour. Based on more data from Coingecko, the token\u2019s daily trading volume rose by 238.20%, valued at $808.50 million. IMX trading at $0.6425 on the hourly chart | Source: IMXUSDT chart on Tradingview.com Featured image from Binance, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":552409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83837,15627,89461,14065,85297],"class_list":["post-552400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-colin-wu","tag-exchange-listing","tag-imx","tag-price-manipulation","tag-whale-accumulation"],"acf":[],"yoast_head":"\n<title>Immutable (IMX) Up By 23% In A Single Day, Analyst Suspects Market Manipulation<\/title>\n<meta name=\"description\" content=\"Although there may be no clear reasons for IMX price gain, Chinese reporter Colin Wu has proposed a case of price manipulation.\u00a0\" \/>\n<meta name=\"robots\" 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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