- ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday.
- IMX circulating supply increased over 2% following the unlock.
- The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
ImmutableX (IMX) price climbs nearly 3% on Friday despite its token unlock, finding some support at the $1.80 region and extending the 7% gain from the previous day. The project, which ranks among the top 15 Ethereum Layer 2 solutions by market capitalization, unlocked 34.19 million IMX tokens on Friday for ecosystem and project development and private sales.
IMX price resists correction despite massive token unlock
ImmutableX’s IMX token held its gains despite the $69 million token unlock on Friday. Typically, token unlock events negatively influence asset prices since they increase the volume of assets under circulation.
IMX unlocked 2.35% of the token’s circulating supply. The unlocked tokens will be used for private sales, ecosystem development and project development, according to Tokenunlocks.
IMX token unlock
Immutable’s layer swap rewards program is likely the driver of the recent IMX gains. On Wednesday, the project announced a rewards program in which users bridge to Immutable zkEVM from any support chain via a faster bridge and get 100% of the fees back. The program is on until April 29.
Immutable @layerswap rewards program is LIVE!
— Immutable (@Immutable) April 17, 2024
Bridge to Immutable zkEVM from any supported chain via https://t.co/wdllZqHpE0 and get 100% of fees back
Only available until 29 April 2024, 00:00 UTC!
Visit https://t.co/VVP7r8IM1z for even more ways to get $IMX rewards! pic.twitter.com/hgHEI5GoJ4
IMX price is $2.06 at the time of writing and climbs nearly 3% in the day. However, ImmutableX’s token declined nearly 20% in the past week amidst the broad marketwide correction in cryptocurrencies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
BTC steadies as Microsoft shareholders vote on investment proposal looms
Bitcoin hovers around $97,800 on Tuesday after almost a 4% drop on Monday as traders look at the upcoming Microsoft shareholders' vote on Tuesday to add BTC to the balance sheet, a move that, if approved, could catalyze a further rally.
Altcoins LTC, CRV and ONDO recover after retesting key support levels
Litecoin, Curve DAO and Ondo prices recover on Tuesday after retesting and bouncing off key support levels following Monday’s double-digit correction. The technical outlook suggests a further recovery ahead, with the MACD momentum indicator supporting the rebound.
DOGE and SHIB leveraged traders wiped out: Over $108 million in liquidated
Dogecoin and Shiba Inu prices continue to edge down on Tuesday after falling more than 10% on Monday. The recent downturn at the start of this week has liquidated over $108 million from these dog theme-based memecoins in the last 24 hours.
SEC Commissioner Caroline Crenshaw tagged more anti-crypto than Gensler as voting approaches
Crypto advocacy group Cedar Innovation Foundation and several industry leaders are rallying against the renomination of SEC Commissioner Caroline Crenshaw, who allegedly opposed the approval of the spot Bitcoin ETFs in January.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.