Crypto Whales Accumulate IMX Altcoin Amid Price Slump

The altcoin Immutable X (IMX) is experiencing a notable increase in whale activity, indicating potential accumulation despite its current price decline. According to Santiment, a firm specializing in on-chain analytics, large investors have been steadily increasing their holdings, sparking speculation about a possible market shift. Blockchain data shows that wallets holding at least 100,000 IMX have acquired a total of 4.55 million tokens in the last three months, suggesting that wealthy investors are preparing for a potential price rebound by accumulating assets at lower levels. Despite this accumulation trend, IMX has struggled to gain momentum in the wider crypto market, with a 19% drop in the last month and an 80% decrease over the past year, despite being listed on major exchanges like Binance, Coinbase, and Upbit. Immutable X has established a strong 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 significant player in the Web3 gaming industry, which has seen explosive growth in the past but has since slowed down. With whales accumulating tokens rapidly, traders are questioning whether this marks the beginning of a new accumulation phase that could lead to a price recovery, or if IMX will continue its downward trend. Investors in IMX will be monitoring closely for signs of a potential reversal in trends, with a breakout potentially on the horizon.