Onchain data indicates a notable increase in crypto whale activity in the Immutable X (IMX) altcoin. Analysts suggest this could indicate an accumulation period.
Observed Onchain Data
Analytics firm Santiment reports an unusual spike in activity among whale wallets holding at least 100,000 IMX tokens, who have amassed a total of 4.55 million IMX in the past three months.
IMX Token Price Behavior
Despite the active accumulation by major players, IMX's price continues to trend downward. The token's price has decreased by 19% over the last month and 80% over the past year.
Popularity and Market Position of Immutable X
Immutable X has a strong user base in South Korea, particularly due to its Web3 gaming theme. It is listed on major exchanges like Binance, Upbit, and Coinbase, with a market value of approximately $1 billion.
The analysis reveals that despite whale activity in Immutable X, its price continues to decline, leading to uncertainty about future market developments.
