IMX, the native token of the NFT platform ImmutableX, took action with the volume increase of the Upbit exchange.
Listed on South Korea’s leading exchange Upbit, the IMX–Korean won pair (IMX/KRW) accounted for approximately 20 percent of global trading volume. IMX, the native token of NFT platform ImmutableX, surged on Thursday, led by South Korean traders. It rose 35 percent to $0.74 during Asian trading hours. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP and BNB traded between 0.5% and 1% lower.
1/ The price of $IMX skyrocketed by 35% today.
We noticed that #Upbit wallets were accumulating $IMX.
And investors/institutions were depositing $IMX to exchanges after the price increase. pic.twitter.com/brWNourpoi
— Lookonchain (@lookonchain) September 21, 2023
Interest in IMX is increasing
The rise in price was accompanied by an increase of over 22 percent in 24-hour global trading volume. This increase reached 556 million dollars. The IMX/KRW pair, listed on the Upbit exchange, accounted for approximately 20 percent of global activity, while Binance’s IMX-tether (IMX/USDT) pair contributed 7 percent to total volume.
According to blockchain analysis firm LookonChain, wallets connected to Upbit have accumulated 12.53 million IMX ($9.27 million) amid the cryptocurrency’s rise. The balance was then transferred to a different crypto wallet holding over 21 million IMX. LookOnChain said in a post on
IMX, which is active on the Ethereum blockchain and offers layer-2 protocol and scaling for NFTs, is gaining increasing attention. IMX, which offers low commission fees in NFT marketplace systems and has a transaction per second (TPS) capacity of approximately 600 times more than other marketplaces, was among the projects that shook the altcoin market of the day.
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