Posted on

Immutable (IMX) Up By 23% In A Single Day, Analyst Suspects Market Manipulation

IMX, native token of Ethereum layer-2 scaling solution Immutable X, recorded massive gains on Thursday, soaring by over 23% within the last 24 hours. Before this price gain, IMX had been relatively stable all week, hovering around the $0.52 price zone, according to data from Coingecko.

Behind IMX’s Rise, Analysts Points To Price Manipulation

Although there may be no clear reasons for the token’s positive price movement, Chinese reporter Colin Wu speculated about potential price speculation. 

According to a post on X by Wu, 10.95 million of the token, valued at $8.1 million, were transferred to the Upbit exchange from several other crypto exchanges, including Binance, OKX, Bybit, Crypto.com, Gate, etc. 

Following these transactions, the token surged from $0.56 to $0.74, representing a 34.5% price gain. Wu has stated that Korean traders are “behind this move.” The Upbit exchange is mainly popular in South Korea, dominating over 83% of the nation’s crypto market.

Providing more insight into these transactions, on-chain analytics firm Lookonchain reports that these transfers to Upbit were sent to the same wallet with the address “0x2F77.” This indicates a single crypto whale was likely behind this price surge. 

Within three hours on Thursday, 12.54 million of the token, valued at $9.45 million, was transferred to “0x2F77,” allowing this address to become the 9th largest holder of the token, owning 20.4 million worth $15 million. 

Furthermore, Lookonchain also revealed that several IMX investors opted to take profit following the token’s price gain. These investors include GSR Markets, a crypto investment firm that moved 2 million IMX, worth $1.52 million, to Binance right after IMX rose.

In addition, three investors withdrew 3.5 million IMX, valued at $2.3 million, from the Foundation Treasury Locked wallet and may be planning a market dump. Following such transactions, it is no surprise that IMX soon experienced a price decline of about 13.33% a few hours after its boost.

IMX Gets Listed On Japanese Exchange

In other news, IMX has also been listed on the Japanese exchange Coincheck. According to a blog post by the crypto exchange on Thursday, IMX will now be eligible for its various services, including Coincheck NFT and  Coincheck crypto lending service. 

In addition to IMX, Coincheck also announced listing other cryptocurrencies, namely Apecoin (APE) and AXS, the governance token of the Axie Infinity gaming metaverse. 

At the time of writing, the IMX trades at around $0.64, with a price loss of 1.8% in the last hour. Based on more data from Coingecko, the token’s daily trading volume rose by 238.20%, valued at $808.50 million.

IMX

Posted on

Cardano (ADA) Set To Begin Trading On Bitstamp On Wednesday

Cardano (ADA) is set to debut on top cryptocurrency exchange Bitstamp. The altcoin has not had a good run of it lately but things seem to be looking up for the project. After smart contract capability had been deployed on the network, expectations had swelled for the possible growth of the digital asset. Now, while the technology has lived up to expectations, ADA has not.

The token had suffered greatly in the market after hitting a new all-time high. It has proved resistant to strides being made in its underlying technology and has not seen much in the way of positive movement since then. This new listing may be able to give the digital asset a much-needed push towards a recovery trend.

Related Reading | eToro Announces Cardano (ADA) And Tron (TRX) Delisting, Points To Regulatory Concerns

Cardano Lists On Bitstamp

Top cryptocurrency exchange Bitstamp announced that it is listing Cardano on its exchange. The listing took place in four parts. First was the transfer-only mode. This mode was released on Tuesday and would allow users to deposit and withdraw ADA using their Bitstamp wallets but will still be unable to trade the digital asset.

Wednesday marks the complete listing of the token on the exchange. However, this will be split into three parts that will go into effect at different times of the day.

ADA drops to $1.6 | Source: ADAUSD on TradingView.com

The second phase of the listing is the post-only mode. In this mode, users of Bistamp will be able to place and cancel limit orders using the digital asset but none of these orders will be matched. This means that no Cardano limit orders will be completed on the exchange during this time. This will go into effect at 11:00 AM UTC.

Next is the limit-only mode which goes live at 3:00 PM UTC. This time around, all of the limit orders placed using ADA on the crypto exchange will be executed. But users will still be limited to trading through limit orders.

The final phase of the listing is full trading. This is to give the order books enough time to gather sufficient liquidity and once it does so, all orders will be executed normally and Bitstamp will enable card purchases for the newly released trading pairs.

ADA Struggling In The Market

Compared to its peers in the market, Cardano (ADA) has fared considerably worse than others in recent weeks. This, however, does not take away from the fact that the digital asset has done very well year-over-year. ADA which had been trading at less than $0.20 at the beginning of the year had risen to an ATH above $3 this year, posting massive gains for its investors.

Related Reading | Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic

The asset price has since fallen back below $2 but listing on Bitstamp could lead to some upward momentum for ADA, especially following eToro announcing that it would be officially delisting Cardano (ADA) from its exchange next month.

Featured image from Investing.com, chart from TradingView.com