There is an increase in the price of the altcoin ImmutableX (IMX), a Layer-2 protocol running on the Ethereum (ETH) network. The increase is largely attributed to the influence of South Korean traders and stock markets. Let’s look at the details.
Altcoin enthusiasm based in South Korea
South Korean exchanges and cryptocurrency whales are important in the cryptocurrency field. Accordingly, it has a history of leading to rapid price increases in various digital assets. This time the altcoin ImmutableX has emerged as a favorite project within the South Korean crypto community. The data obtained from the on-chain data platform Etherscan attracts attention. It shows that IMX tokens move from centralized cryptocurrency exchanges such as Binance, OKX, Bybit and Crypto.com. The move represents a significant transfer to Upbit, South Korea’s leading cryptocurrency exchange.
2/ Upbit has accumulated 12.53M $IMX ($9.45M) in the past 3 hours and transferred to wallet "0x2F77".
Wallet "0x2F77" currently holds 20.4M $IMX ($15M), becoming the 9th holder.https://t.co/QnQxok7iPU pic.twitter.com/SFlKQAqvAi
— Lookonchain (@lookonchain) September 21, 2023
Lookonchain data shows that whales transferred approximately 12.53 million altcoin IMX tokens, worth approximately $9.45 million, from exchanges outside South Korea to Upbit. Notably, these whale transactions coincided with a rapid increase in IMX price on Upbit. It also went from $0.56 to nearly $1 in a short time. Accordingly, it indicated a gain of almost 100%. It is worth noting that while the price of IMX approached $1 on Upbit, it reached a peak of $0.76 on exchanges such as Binance and Bybit. In contrast, the price rose as high as $0.86 on cryptocurrency exchange OKX, showing mixed reactions across global exchanges.
IMX market event
Lookonchain data also reveals that three investors withdrew 3.05 million IMX tokens worth $2.3 million from the locked treasury wallet as the altcoin IMX price rose. In addition, market maker GSR deposited 2 million IMX tokens to Binance.
In parallel with the price increase, the global transaction volume of altcoin IMX also increased. Accordingly, it exceeded 25% and reached 613 million dollars. Accordingly, it showed a significant increase. In particular, the IMX/KRW trading pair on Upbit attracted great attention, accounting for 20% of global volume across all exchanges. On-chain data also shows that open interest for futures on IMX increased by over 400%, reaching a record high of 115.42 IMX.
The influence of South Korean crypto enthusiasts
Historically, South Korean investors have turned to cryptocurrencies such as altcoin StormX (STMX), Solar Network (SXP). It also plays an important role in directing the prices of various cryptocurrency projects, including Icon (ICX), CyberConnect (CYBER), and even Binance-backed Sei (SEI). Their enthusiasm and significant trading volumes often lead to significant price disparities.
According to CoinGecko data, IMX increased in value twice as fast as Upbit. Accordingly, it increased from $0.56 to $1. On global exchanges other than Upbit, altcoin IMX rose from $0.531 to $0.76. Thus, it witnessed an increase of 43%. Currently IMX is trading at around $0.712.
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