As a seasoned researcher and investor with over two decades of experience in the ever-evolving world of cryptocurrencies, I’ve learned that the market can be as unpredictable as a roller coaster ride at times. The recent fluctuations in Immutable (IMX) price have certainly kept me on my toes.
Over the last month, the price of Immutable (IMX), a scaling solution for Ethereum that doesn’t change, has surged by 31%. However, this growth appears to have sparked some volatility in IMX’s value recently, as the market undergoes correction. This uncertainty seems to be related to an upcoming event that could bring significant shifts to its worth.
Immutable Price Swings Ahead Token Unlock Events
The unchanging price of IMX tokens shows significant changes, as demonstrated by recent token-unveiling moments. On September 6, 2024, a massive 32.47 million IMX tokens were made available, accounting for 2.02% of the total supply and valued around $37.67 million.
Instead, let me rephrase that for you: On October 4, 2024, there’s a planned increase in value for these tokens, estimated to be approximately $55.53 million. This significant jump in worth emphasizes the unpredictable character of the cryptocurrency market and demonstrates how external market factors can significantly influence token prices.
81% of the Immutable (IMX) tokens, equaling approximately 1.62 billion, have been made available for circulation due to the unlock progress. The remaining 19%, or around 383.67 million IMX, are yet to be released. This progress indicator underscores a steady flow of tokens into the market, demonstrating a calculated strategy aimed at preserving market stability and fostering investor trust.
Upcoming Cryptocurrency Unlocks Total Over $465 Million
In a recent overview of cryptocurrency tokens scheduled to unlock between September 30 and October 6, 2024, the total value expected to be released exceeds $465.9 million. The unlock event highlights include the token $ENA, which leads with $172.08 million, representing 22.53% of the total unlocks.
A significant contribution is made by ZETA, amounting to approximately 13.43% of the total, or $36.84 million. Smaller amounts come from DX at around 1.57%, equivalent to $10.70 million, and AV with $8.36 million, accounting for about 9.56%.
Weekly Cliff Unlocks : 30 Sep – 6 Oct ’24
$ 465.9m+
Boost Highlights for ENA (22.53% of total supply) at $172.08 million, SUI (2.40%) at $112.34 million, OP (2.50%) at $57.67 million, IMX (2.02%) at $55.53 million, ZETA (13.43%) at $36.84 million, DYDX (1.57%) at $10.70 million, and MAV (9.56%) at $8.36 million.
— Token Unlocks (@Token_Unlocks) September 30, 2024
As a researcher studying the dynamics of layer 2 blockchains, I’ve observed some significant fluctuations in the token prices lately. The battle between bulls and bears seems particularly intense, suggesting a highly volatile trading landscape. At the moment of writing this, the IMX price stands steadfast at around $1.74.
The price fluctuated from a low of $1.67 to a high of $1.78 during the day, demonstrating an upward spike, then a slow descent, and finally a rebound.
Given the ongoing token releases, it’s anticipated that market fluctuations will persist. The IMX price might challenge its $1.7 support. If selling pressure increases significantly, a potential decrease to $1.65 could occur. It’s crucial for investors to stay vigilant and closely observe market reactions during this timeframe as there may be significant shifts.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD COP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD PHP PREDICTION
- BSW PREDICTION. BSW cryptocurrency
2024-10-01 14:03