- South Korea’s Upbit exchange has emerged as the main catalyst behind the IMX token’s sudden 35% market cap surge in the past 24 hours.
- A striking 20% of the global trade volume for IMX comes from Upbit, while Binance’s IMX-Tether pairing represents just 7%.
- CoinGlass shows a significant uptick in IMX open interest, with positions increasing over 700%, now at $106 million.
South Korea’s Upbit exchange has surprisingly become the primary driver behind a sudden 35% surge in the market cap of ImmutableX’s native token, IMX, in the last 24 hours. Significantly, the token has rallied by almost 45% on the weekly charts. Consequently, a 22% increase in trading volumes has followed, reaching $556 million. Most noteworthy is that a staggering 20% of the global trade volume for IMX originates from South Korea’s Upbit exchange.
In contrast, Binance’s IMX-Tether trading pair only accounted for 7% of the global trade volume. Hence, this stark disparity lends credibility to the notion that South Korean traders substantially influence ImmutableX’s (IMX) price surge.
2/ Upbit has accumulated 12.53M $IMX ($9.45M) in the past 3 hours and transferred to wallet “0x2F77”.
— Lookonchain (@lookonchain) September 21, 2023
According to crypto analysis firm LookOnChain, Upbit wallets amassed $9.45 million worth of IMX in three hours. Additionally, CoinGlass data reveals a notable increase in open interest in IMX amid its price surge. The number of open positions skyrocketed by over 700%, now at a remarkable $106 million.
However, the reasoning behind the token’s sudden popularity among South Korean investors remains ambiguous. It is plausible that ImmutableX’s active participation in various global blockchain and web3 gaming events played a pivotal role. The firm recently engaged in significant events like the Animoca Brands investor day in Sydney and the major crypto conference Token 2049 in Singapore. Moreover, it is slated to appear at the Tokyo Game Show 2023 from Sept. 21- Sept. 24, 2023.
South Korea, recognized as a global gaming hub, could be aligned with the platform due to its prolific presence in the gaming sector. The world of web3 gaming is gaining momentum, especially given its resilience during the recent crypto meltdown. The sector sees gaming more as a recreational pursuit than a profit-oriented activity, although the burgeoning play-to-earn model does allow gamers to reap financial rewards. Reports forecast that this industry is poised to experience a multi-billion-dollar surge by the end of this decade.
ImmutableX’s involvement in these high-profile events could catalyze its heightened popularity in South Korea. Besides, the firm’s presence in these prominent gatherings could align well with South Korea’s status as a global gaming nexus.
Even with the rise, the underlying motivations of South Korean investors and the sustainable trajectory of IMX still need to be fully comprehended. It is essential to continually observe the unfolding market dynamics and the evolving interests of the global trading community in the IMX token and the larger crypto gaming landscape.