Why is Immutable X (IMX) crypto rising?

March 08, 2022 05:51 AM AEDT | By Rupam Roy
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  • The company on Monday said that it raised US$200 million at a valuation of US$2.5 billion in a Series C funding round led by Temasek.
  • Last month, the company had announced a partnership with GameStop.
  • In a funding round in 2021, it raised money at a valuation of US$410 million.

The metaverse gaming cryptos are seeing robust demand lately. They represent one of the fastest-growing segments in the cryptocurrency market.

With firms providing digital ownership of assets to users, investors, especially the young crypto gaming enthusiasts, seemed more excited to join the bandwagon.

Cryptos like Sandbox (SAND), Decentraland (MANA), etc., have gained immense popularity. Each of these platforms reported massive user growth over the past few months.

Immutable X (IMX) is another such gaming crypto in the market catching attention. The gaming sector of the cryptocurrency market surged over 25% in the last 24 hours to Monday morning.

Also Read: Why did Imperial Petroleum (IMPP) stock surge over 344% in a month?

What Is Immutable X (IMX) Crypto & Why Was It Rising?

What is Immutable X (IMX) crypto?

The Sydney-based Immutable X, which claims to be a pioneer in the non-fungible token (NFT) technology, focuses on scalability and affordability while empowering the Ethereum NFT ecosystem.

It claims that its protocol can process up to 9000 transactions per second (TPS) with zero gas fees and an accessible on-and-off ramp in a carbon-friendly environment.

IMX offers instant trading and scalability for minting and trading non-fungible tokens without compromising the security of the assets.

Also Read: What is StaySAFU (SAFU) crypto?

Why is the Immutable X (IMX) crypto rising?

The IMX crypto has been gaining robust traction after its recent funding rounds.

On Monday, the company said that it recently raised US$200 million in a Series C funding round at a valuation of US$2.5 billion. The round was led by Singapore-based investment firm Temasek and included ParaFi Capital, Fabric Ventures, AirTree, and Tencent Holdings.

In a previous funding round in 2021, the company raised funds at a valuation of US$410 million. The spike in its valuation reflects investors’ strong confidence in the company.

Another reason for its popularity is its recent partnership with GameStop. In February, it said that it has partnered with the videogame retailer for launching an NFT marketplace for GameStop along with funding of US$100 million to support content creators.

Also Read: Why is Pawtocol (UPI) crypto gaining attention?

Immutable X (IMX) crypto performance highlights

Source: *Data provided by CoinMarketCap.com

Bottom line:

The IMX token was priced at US$1.50 at 11:37 am ET on March 7, up 25.89%, while its one-day volume surged 574.80% to US$279.69 million. IMX has a market cap of US$352.35 million, and its fully diluted market cap is US$2.99 billion. The token's maximum and total supply are two billion, and its current circulating supply is 235.28 million.

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