Why is Immutable X (IMX) trending today?

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Why is Immutable X (IMX) trending today?

 Why is Immutable X (IMX) trending today?
Image source: © Malirvik | Megapixl

Highlights

  • The Australian-based developer Immutable and start-up StarkWare together aim to bring the Layer-2 scaling program through the NFTs.
  • Immutable X crypto as a Layer-2 scaling solution aims to resolve the issues which are related to low scalability, illiquidity.
  • At the time of writing, the 108th ranked IMX token was trading at US$3.99 with a trading volume of US$133,220,507 over the past 24 hours.

Several tokens have seen impressive growth in the past few months with the growth of non-fungible tokens (NFT) and blockchain-based games, and its raging popularity. Another such token that has been creating waves in the segment is the Immutable X crypto that has been successful in attracting market participants to its platform. The Australian-based developer Immutable and start-up StarkWare together aim to bring the Layer-2 scaling program through the NFTs.

Powered on the Ethereum blockchain, Immutable X crypto is a Layer-2 scaling solution aims to resolve the issues which are related to low scalability, illiquidity, etc. One of the advantages of using the Ethereum blockchain is that users can take advantage of instant trading at zero gas fees for activities, such as minting and other transaction activities.

Also read: Is UK’s CBDC as good as shelved?

Why is IMX token in news?

Throughout last week, IMX showed a great rally following its Binance listing. In fact, following the listing announcement, it was well over 15% and was saw significant interest from the investors.

Many investors were expecting bullish trend this week. But looking at the recent market trends of a poor run, the IMX token too may follow the script. However, ERC-20 and ERC-721 tokens could gain later following the announcement of IMX giveaways worth US$1,500 within the GreenPark app, which would explore its options in the NFT space.

Also read: How high will Propy (PRO) crypto go following its Coinbase listing?

IMX protocol also offers the users seamless exposure to various NFT marketplace which supports ERC-721 and ERC-1155, thereby giving users flexibility in managing their NFT assets. Besides, it also offers the users impressive reward pools that are distributed proportionately on the basis of the number of points the users hold.

How is IMX faring?

Th 108th ranked IMX token at the time of drafting was trading at US$3.99 with a trading volume of US$133,220,507 over the past 24 hours. IMX was down by 3.44%, but from the volume perspective, it was up by over 48%. IMX had a live market cap of US $750,062,336 with 188,160,768 IMX coins in circulations.

Market traders are betting big on Immutable X in the near future. They believe that IMX crypto could be one of the big players in the NFT segment, but at the same time it needs to expand its horizon a bit.

The only red flag is it is showing bearish trends after managing to gain some ground. The significant highs that it had gained in November 2021 were undone by December losses. This stop-start performance means the IMX token must reload and then gain ground again. Market participants would be hoping that it can have a prolonged bullish trend to get more people interested in it. 

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