A surge in large transactions suggests accumulation, even as prices decline. Could this signal a turning point for the struggling asset?
The Immutable X (IMX) altcoin is witnessing a significant uptick in whale activity, signaling potential accumulation despite its ongoing price slump. According to on-chain analytics firm Santiment, large investors have been steadily increasing their holdings, raising speculation about a future market shift.
Whales Amass Millions in IMX—What It Means for Investors
Blockchain data reveals that crypto wallets holding at least 100,000 IMX have collectively acquired 4.55 million tokens over the past three months. This pattern often suggests that deep-pocketed investors are preparing for a potential price rebound, accumulating assets at lower levels before an anticipated bullish move.
Despite this accumulation trend, IMX has struggled to gain traction in the broader crypto market. The token has plunged 19% in the last month and remains down 80% over the past year. Even with listings on major exchanges such as Binance, Coinbase, and Upbit, its market capitalization sits at approximately $1 billion at the time of writing.
IMX’s Strong South Korean Presence & Web3 Gaming Hype
Immutable X has built a substantial user base, particularly in South Korea, where interest in blockchain gaming remains high. As a Layer-2 scaling solution for Ethereum, IMX has positioned itself as a key player in the Web3 gaming industry—an area that previously saw explosive growth but has since cooled off.
With whales accumulating tokens at a rapid pace, traders are left wondering: Is this the start of a new accumulation phase that could trigger a price recovery? Or will IMX continue its downward trajectory?
As the market watches closely, IMX investors will be looking for signs of a potential trend reversal. If buying pressure continues, a breakout could be on the horizon.
Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/crypto-whales-accumulate-one-specific-altcoin-whats-happening-with-the-price/