Token with Immutable Characteristics Records Increases during broader Cryptocurrency Upsurge
In the dynamic world of cryptocurrencies, there's been a notable surge for several digital assets this week, one of which is IMX, the token tied to the Australian crypto gaming and Web3 infrastructure firm, Immutable. According to CoinGecko data, IMX is up 50% over the past week, with a notable 17% increase on Thursday alone.
This growth comes after IMX dipped below the 100th spot earlier this year. The reasons behind this recent upturn are multifaceted, involving both company-specific developments and broader industry trends.
Robbie Ferguson, Immutable co-founder, has been active on Twitter, highlighting the company's accomplishments this year, including the distribution of 2.9 million IMX tokens in weekly rewards to users. The number of IMX tokens distributed in weekly rewards has nearly tripled from its May 13 reveal of almost 1 million tokens.
Immutable's successes are not confined to the past few months. In June, the company formed a partnership with South Korean Web2 gaming giant NetMarble. This collaboration followed a significant milestone in April when Immutable merged with Immutable's zkEVM chain.
Moreover, the company made headlines in August with its partnership with Ubisoft, a $1.3 billion gaming giant. This partnership marked a significant step, making Immutable the first platform in the world where web2 studios can offer crypto rewards to their players.
The crypto industry has also experienced a boost from the U.S. Securities and Exchange Commission (SEC). The SEC approved generic listing standards for commodity-based trust shares that include crypto exchange-traded products. This rule change, according to Lai Yuen, investment analyst at Fisher8 Capital, is likely to see some altcoins that are eligible for ETFs receive capital inflows as people get excited about ETF launches.
However, Yuen also noted that while the rule change unlocks buying from equity investors, ETFs will not make altcoins magically more valuable. This sentiment echoes the current view that the crypto market is likely in a consolidation phase, with expectations for further gains this year, despite a recent pullback noted in the S&P 500 index and gold overnight.
Despite the positive developments, it's important to note that numerous token-driven projects in the crypto gaming sector have shut down this year due to funding shortfalls and unsustainable economies. As always, it's crucial to approach the crypto market with a discerning eye and a solid understanding of the risks involved.
In conclusion, the surge in IMX can be attributed to a combination of company-specific developments, the SEC's rule change, and the broader sentiment in the crypto market. As Immutable continues to forge partnerships and deliver on its promises, the future looks promising for this Australian crypto gaming and Web3 infrastructure firm.
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