Whales jumping on the immutable X may come as a surprise, but there’s a catch

  • Valar has been collecting lots of IMX since November 2022.
  • The rising interest in zk rollups could keep the token in bullish territory.

Since the general cryptocurrency market started in a good way, it has not shown any interest X is immutable [IMX], two layer of sizing solution. Despite this, the token has managed to gain 105% in the last 30 days.

is reading X is immutable [IMX] predict the price 2023-2024

While hashishes may have missed the jump, the whales had a different experience. According to Santiment, addresses containing between 1 million and 1,000 million IMX were steadily piling up even before the New Year.

Information from the on-chain analytics platform open These heavy purses would have piled up between the IMX pumps and dumps.

Source: feeling

Thanks to the effect of ZKP

Interestingly, the decision to collect several IMX tokens may not have been solely driven by speculation and demand. Sanment indicated that the increasing reliance on zero-knowledge evidence (ZKP) may have played a role in the strong accumulation.

ZKP exists so that data and transactions can be verified by an auditor and an intellectual without revealing the content of the information involved.

projects that ribbed [MATIC] He was also at the forefront of the ZKP system. And since X is immutable also zk rollups are used for scaling Ethereum [ETH] limitations, it was inevitable for IMX not to react.

Santiment’s report also noted that the crypto community loved ZKPs. This was because 40% of the 2022 survey agreed that ZKP will be crucial to the NFT and DeFi ecosystem in 2023. Santiment echoed the stance, saying

“The 2022 State of Zero Knowledge Survey reveals that more than 40% of respondents believe that ZKPs will be very important in DeFi, Metaverse, and Web3. We are confident that this story will play an important role in mid-2023.”

Stick to the available colors

So, can IMX continue to hold on to the greens in the short term? according to CoinMarketCap, IMX has been able to maintain its upward momentum over the past seven days. In the past 24 hours, the token has also followed the upside of the small market, with an increase of 2.91%.

How many 1,10,100 IMX worth today?

The Moving Average Convergence Convergence Divergence (MACD) indicators showed that IMX is still holding the momentum in the bullish path.

This was because the blue dynamic line was placed higher than the orange line. Such a situation means that the buyers are in control. Moreso, the 12-26 EMA closed above zero point on the histogram.

However, the daily chart position revealed that the Chaikin Money Flow (CMF) was negative at -0.09. The downtrend of this indicator may pose a threat to the IMX’s rally, but the whales’ continued efforts may be a remedy.

IMX price action

Source: TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *