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GameStop Dumps IMX Tokens Amid Partnership Announcement

GameStop Dumps IMX Tokens Amid Partnership Announcement

GameStop has dumped approximately 6.5% of all IMX tokens on the market.

Key Takeaways

  • GameStop has sold nearly 15 million IMX tokens within the previous few days.
  • Immutable, the developer of Immutable X, has up to now sent around 37.5 million IMX tokens to GameStop, with around 15 million extra to strategy.
  • The day gone by, Immutable announced it had been tapped by GameStop to lend a hand originate its NFT marketplace.

GameStop has dumped nearly 15 million IMX tokens it had got as allotment of a construction address Immutable.

IMX Floods Market

The day gone by, Immutable, the developer of Ethereum Layer 2 scaling resolution Immutable X, announced a partnership with GameStop that incorporated constructing out its NFT marketplace.

As allotment of the deal, GameStop became assign of dwelling to earn up to $150 million worth of its IMX token in grants upon the completion of clear milestones. Transaction recordsdata on Etherscan narrate that GameStop got has got greater than 37.5 million IMX tokens over the final four days.

Since then, GameStop has distributed with 14,989,293 of these tokens.

Over a assortment of three transactions—two of which took assign of dwelling two days sooner than the partnership announcement, and one which took assign of dwelling about a hours after the announcement—GameStop moved the roughly $44 million in IMX to centralized exchanges Binance, Huobi, and OKX.

With a fresh circulating present of around 225 million, 15 million IMX tokens represents about 6.5% of the token’s present.

The flood of IMX tokens onto the market has likely contributed to its engaging designate decline within yesterday and a half of. Following Immutable’s announcement the day previous, the IMX token reached prices of over $4.20, but on the present time the token sits below $3 at press time, representing a 40% designate decline. 

Immutable X is a Layer 2 NFT protocol for Ethereum that enables for quick transactions with out gasoline prices. It utilizes zero-data rollups to scale on Ethereum.

In September, Immutable raised $60 million in funding for its Immutable X scaling resolution platform. 

Down from its highs of around $380 per part final January, GameStop stock hovers a bit above $100 at press time. It’s up around 3% on the present time. 

Disclosure: At the time of writing, the author of this portion owned IMX, ETH, and loads of quite lots of cryptocurrencies. 

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