Yahoo Finance South Korean traders drive IMX token value surge amid major crypto market dip
On Thursday, the native token of non-fungible tokens platform ImmutableX, known as IMX, experienced a significant surge in value, led by South Korean traders. CoinDesk data indicates a 35% rise to 74 cents during Asian trading hours. This rise is noteworthy considering the minor decrease in value between 0.5% to 1% experienced by major cryptocurrencies such as bitcoin (BTC), ether (ETH), XRP and BNB.
The rally was accompanied by an increase in the 24-hour global trading volume, which rose over 22% to $556 million. Approximately 20% of this global activity was attributed to the IMX-Korean won (IMX/KRW) pair listed on South Korea's Upbit exchange. Binance's IMX-tether (IMX/USDT) pair contributed another 7% to the total volume, according to data from Coingecko.
Blockchain analytics firm LookonChain reported that wallets associated with Upbit accumulated 12.53 million IMX ($9.27 million) as the value of the cryptocurrency soared. These funds were subsequently transferred to an address now holding over 21 million IMX.
Following the price increase, some market participants moved their coins to exchanges, possibly intending to liquidate their holdings. Investors unlocked 3.05M IMX ($2.3M) from the Foundation Treasury Locked wallet after the price rise, potentially for market dumping.
Moreover, there was a record-breaking surge in active or open positions in perpetual futures tied to IMX, with an over 400% increase to a record high of 115.42 IMX ($80 million). This rise in open interest alongside the price increase suggests new money entering the market.
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