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Immutable (IMX) Up 24%: Why The Pump?

by BSCN

September 21, 2023

The rally was led by South Korean traders on Upbit exchange, according to Coingecko.

The price of Non-fungible token (NFT) platform, ImmutableX's native token, IMX, experienced a massive surge of over 24% in the early hours of Thursday, grabbing the attention of crypto enthusiasts and traders worldwide. This unexpected rally, which saw IMX climb to 76 cents during Asian trading hours, was primarily led by South Korean investors and traders. In contrast, other major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) remained relatively stable, trading within a 0.5% to 1% range.

The surge in IMX's price was accompanied by a substantial 22% increase in its 24-hour global trading volume, soaring to $556 million. The IMX/KRW pair listed on South Korea's Upbit exchange accounted for nearly 20% of the global activity, followed by Binance's IMX/USDT pair, which contributed 7% to the total volume, according to Coingecko.

Earlier today, IMX was listed on Japan's leading crypto exchange, Coincheck. Currently ranked 46th in the crypto market, IMX is trading at $0.6468 as of writing, according to data from CoinMarketCap.

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