Immutable X (IMX), a layer-2 scaling solution built on the Ethereum blockchain, has seen a significant price surge of over 15% following its listing on Upbit, a prominent South Korean crypto exchange. The token’s price skyrocketed to $0.83, the highest level since May 6, despite the broader market being in a consolidation phase.
The listing on Upbit, which started trading at 4:00 UTC on July 28, exclusively accepting IMX deposits from the Ethereum (ETH) network, played a crucial role in driving the token’s value upwards. This development solidified IMX’s position as a prominent player in the crypto industry.
Furthermore, IMX’s value received an additional boost from its strategic partnership with Helika Analytics. This alliance brought exciting possibilities to the Immutable X ecosystem, allowing users to perform in-depth analysis using Helika’s no-code tools. This enhancement further demonstrated IMX’s potential and attracted attention from the crypto community.
To understand IMX better, it is essential to recognize its role within the Immutable X ecosystem. IMX is the native token of Immutable X, serving multiple functions, including staking for governance participation and as a utility token for paying fees within the platform. Immutable X specializes in NFT minting and trading, offering APIs and game creation tools for NFT and web3 games.
As of now, IMX is priced at $0.7719, showing a 6.67% increase in the last 24 hours, with a market cap of $840,702,662 and a circulating supply of 1.08 billion IMX tokens. The token has found strong support around the $0.67 to $0.7 range, with the weekly Relative Strength Index (RSI) reading of 52.5 indicating a relatively balanced market sentiment in the long term.
With all eyes on IMX during the ongoing consolidation phase in the market, both cryptocurrency professionals and enthusiasts are closely monitoring its trajectory. The recent listing on Upbit and the strategic partnership with Helika Analytics have generated positive sentiment around IMX’s potential, but only time will tell if this is just the beginning of its rise or if there are more significant developments to come for the token.