Immutable (IMX) is gearing up for a significant token distribution event, during which 32.47 million IMX tokens, valued at $38 million, will be released into the market. This event is scheduled for midday on September 6, and the newly released tokens will be distributed primarily to two groups focused on ecosystem and project development.
How Will the Tokens Be Allocated?
Of the total tokens, 15.91 million IMX tokens, accounting for 1.01% of the circulating supply and estimated to be worth $18.62 million, will be dedicated to ecosystem development. Meanwhile, 16.56 million tokens, representing 1.05% of the circulating supply and valued at around $19.37 million, will be allocated for project development. These allocations correspond to 0.99% and 1.04% of the market value, respectively. Access COINTURK FINANCE to get the latest financial and business news.
What Happened in the Previous Release?
This upcoming event will occur on August 9, 2024, following a similar distribution that took place previously. During that event, the same amounts of IMX tokens were released with 15.91 million tokens, valued at $19.58 million, allocated for ecosystem development. Concurrently, 16.56 million tokens, valued at $20.37 million, were allocated for project growth. These amounts represented slightly over 1% of the circulating supply and market value at that time.
Key Observations for Investors
Investors should consider the following points:
- Monitor token release events closely for potential market impact.
- Understand that increased circulating supply might lead to price volatility.
- Prepare for potential selling pressure on IMX prices due to the high USD value of the released tokens.
Token release events are a double-edged sword for the Immutable ecosystem. While they provide essential funding for ongoing development, they also increase the token’s circulating supply, which can influence its market price and dynamics.
Investors are advised to brace for potential price swings in IMX before and after this token release, as these events often lead to market fluctuations. With a significant amount of tokens entering circulation, selling pressures may intensify, impacting IMX’s market value.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/immutable-plans-major-token-release