The Price Increase of The Immutable X Blockchain Project Token
The price of The Immutable X blockchain project token jumped by 33% in Few hours. Crypto experts claim that this is the result of market manipulation.
In the morning of September 21, IMX token rate rose by 32.56%, according to TradingView. At present, the price of IMX reached $0.83 and later traded down back, and the asset is now trading at $0.64.
Writing in capital letters of the asset also more. In a matter of hours, it jumped from $647.5 million to $887 million, according to CoinMarketCap. Daily trading volume increased from $17.7 million to $330 million.
What happened to IMX token?
According to this data, 10.95 million IMX were transferred to the Upbit exchange from various platforms. The first slides arrived on the night of September 21, when the rate started to rise, as confirmed by Etherscan statistics.
Lookonchain analysts also commented on the situation. They indicated that after the jump in the rate, investors are actively selling IMX, including from a closed treasury account.
What is the reason for the jump in IMX price?
It is not known exactly what caused the rise in IMX price. Analysts have different reasons. Because of the fast rise in the price of the token, journalist Colin Wu believes someone is manipulating its price.
Another possibility for higher prices can be advantageous of arbitrage trading through manipulation price and then buy on one exchange and dispose of them on another exchange.
