IMX Whale Sells 9 Million Tokens, Contributing to 39% Price Drop in Just 9 Days

On April 5th, COINOTAG reports a notable movement in the cryptocurrency sphere, particularly concerning the Immutable X (IMX) token. Recent analysis by on-chain expert Yu Jin reveals that an institutional investor, recognized as a whale address, has been actively divesting significant amounts of IMX. In a fresh transaction, this entity transferred approximately 9.03 million IMX, equivalent to around $4.05 million, through a series of steps that involved first depositing into FalconX before finally routing to Binance.

This recent withdrawal marks part of a larger trend; over the past 9 days, the address has offloaded a total of 26.2 million IMX, roughly valued at $13.72 million. The impact of these sales has been significant, contributing to a reduction in IMX’s market value by 39%, dropping from $0.72 to $0.44. Investors will be keenly monitoring this downward trend as it raises questions about the underlying forces affecting IMX’s price dynamics.