{"id":29984,"date":"2023-09-22T03:52:47","date_gmt":"2023-09-22T07:52:47","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29984"},"modified":"2023-09-22T03:52:47","modified_gmt":"2023-09-22T07:52:47","slug":"immutable-imx-up-by-23-in-a-single-day-analyst-suspects-market-manipulation","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/22\/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":"

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<\/a>.<\/p>\n

Behind IMX\u2019s Rise, Analysts Points To Price Manipulation<\/h2>\n

Although there may be no clear reasons for the token\u2019s positive price movement, Chinese reporter Colin Wu speculated about potential price speculation.\u00a0<\/p>\n

According to a post on X<\/a> by Wu, 10.95 million of the token, valued at $8.1 million, were transferred to the Upbit exchange<\/a> from several other crypto exchanges, including Binance, OKX, Bybit, Crypto.com, Gate, etc.\u00a0<\/p>\n

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. https:\/\/t.co\/JjUcqi7CKS<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) September 21, 2023<\/a><\/p>\n\n

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 \u201cbehind this move.\u201d The Upbit exchange is mainly popular in South Korea, dominating over 83% of the nation\u2019s crypto market.<\/a><\/p>\n

Providing more insight into these transactions, on-chain analytics firm Lookonchain reports<\/a> that these transfers to Upbit were sent to the same wallet with the address \u201c0x2F77.\u201d This indicates a single crypto whale was likely behind this price surge.\u00a0<\/p>\n

Within three hours on Thursday, 12.54 million of the token, valued at $9.45 million, was transferred to \u201c0x2F77,\u201d allowing this address to become the 9th largest holder of the token, owning 20.4 million worth $15 million.\u00a0<\/p>\n

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.<\/p>\n

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.<\/p>\n

IMX Gets Listed On Japanese Exchange<\/h2>\n

In other news, IMX has also been listed on the Japanese exchange Coincheck. According to a 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<\/p>\n

In addition to IMX, Coincheck also announced listing other cryptocurrencies, namely Apecoin (APE)<\/a> and AXS, the governance token of the Axie Infinity gaming metaverse.\u00a0<\/p>\n

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.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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<\/a>.<\/p>\n

Behind IMX\u2019s Rise, Analysts Points To Price Manipulation<\/h2>\n

Although there may be no clear reasons for the token\u2019s positive price movement, Chinese reporter Colin Wu speculated about potential price speculation.\u00a0<\/p>\n

According to a post on X<\/a> by Wu, 10.95 million of the token, valued at $8.1 million, were transferred to the Upbit exchange<\/a> from several other crypto exchanges, including Binance, OKX, Bybit, Crypto.com, Gate, etc.\u00a0<\/p>\n

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. https:\/\/t.co\/JjUcqi7CKS<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) September 21, 2023<\/a><\/p>\n

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 \u201cbehind this move.\u201d The Upbit exchange is mainly popular in South Korea, dominating over 83% of the nation\u2019s crypto market.<\/a><\/p>\n

Providing more insight into these transactions, on-chain analytics firm Lookonchain reports<\/a> that these transfers to Upbit were sent to the same wallet with the address \u201c0x2F77.\u201d This indicates a single crypto whale was likely behind this price surge.\u00a0<\/p>\n

Within three hours on Thursday, 12.54 million of the token, valued at $9.45 million, was transferred to \u201c0x2F77,\u201d allowing this address to become the 9th largest holder of the token, owning 20.4 million worth $15 million.\u00a0<\/p>\n

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.<\/p>\n

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.<\/p>\n

IMX Gets Listed On Japanese Exchange<\/h2>\n

In other news, IMX has also been listed on the Japanese exchange Coincheck. According to a 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<\/p>\n

In addition to IMX, Coincheck also announced listing other cryptocurrencies, namely Apecoin (APE)<\/a> and AXS, the governance token of the Axie Infinity gaming metaverse.\u00a0<\/p>\n

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.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-29984","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=29984"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29984\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29984"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}