According to cryptocurrency onchain data, there has been a notable increase in whale activity in an altcoin.
Onchain data shared by cryptocurrency analytics firm Santiment shows an unusual spike in whale activity in the Immutable X (IMX) altcoin. According to analysts, when large wallets increase their transfers in a cryptocurrency, it could indicate a period of accumulation.
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Santiment data shows that crypto whale wallets holding at least 100,000 IMX tokens have amassed a total of 4.55 million IMX over the past three months.
However, the IMX price continues to trend downward. The token’s price has fallen by 19% in the last month, while the decline rate in the last year has been 80%. IMX, which is listed on major cryptocurrency exchanges such as Binance, Upbit and Coinbase, has a market value of approximately $1 billion at the time of writing.
The token, which has a large user base especially in South Korea, has the theme of Web3 games, which were once very popular.
*This is not investment advice.
Continue Reading: Data Revealed: Whales Accumulate in an Altcoin – But the Price is a Big Disappointment
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