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These Altcoins Are Showing High Social Dominance After Recent Price Swings

According to crypto intelligence platform Santiment, some altcoins have been enjoying increased attention from investors over the past few days. This comes as the crypto market continues to undergo a positive recovery from its recent slump in the aftermath of the Bitcoin ETF launch.

These Altcoins Show Potential For More Profit: Santiment

In a post on the X platform, Santiment revealed that three altcoins, including Chainlink (LINK), Immutable X (IMX), and Pyth (PYTH), have become assets of mainstream interest in the past few days. 

This revelation is based on their performance in terms of Social Dominance, an indicator that compares the social volume of a particular asset to the combined social volume of the top 100 cryptocurrencies by market capitalization. 

Altcoins

As shown in the chart above, the Social Dominance of these three altcoins has seen a notable spike in recent days. Interestingly, Santiment has associated this renewed investor interest in Chainlink, Immutable X, and Pyth, with their market cap growth in the past week.

According to data from Santiment, the valuations of LINK, IMX, and PYTH have increased by 34%, 23%, and 26%, respectively, in the last seven. The on-chain analytics noted that the mainstream crowd discussion around these altcoins will lead to FOMO (fear of missing out) amongst investors.

Santiment further highlighted that this FOMO can trigger high price volatility and increased buying pressure for Chainlink, Immutable X, and Pyth. Ultimately, this can lead to more price gains for the three crypto assets.

Chainlink Price Overview

The price performance of Chainlink in the past week has been the most impressive of the three altcoins highlighted by Santiment. According to data from CoinGecko, LINK’s value has jumped by more than 24% in the past week.

In a week dominated by Bitcoin’s resurgence to above $43,000, Chainlink managed to become one of the biggest gainers in the last seven days. The cryptocurrency’s price registered a positive run to almost as high as $19.

As of this writing, the Chainlink token is valued at $17.69, reflecting a 1.2% price decline in the last 24 hours. The altcoin appears to be witnessing some amount of downward pressure as it is struggling to hold above the $18 level.

Nevertheless, Chainlink continues to lay a strong claim to a spot amongst the top 10 largest cryptocurrencies by market capitalization. With a market cap of over $10 billion, LINK ranks as the 13th-largest asset in the cryptocurrency sector.

Altcoins

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Almost $1B In Altcoins Set To Flood The Market This February: Here Are The Key Ones

February 2024 is a pivotal month, with nearly $1 billion in altcoins set to unlock. This phenomenon, crucial for investors and newcomers alike, signifies the release of previously restricted altcoins into the market, influencing supply and demand dynamics.

Alex Wacy, a renowned decentralized finance (DeFi) research specialist, has highlighted this significant event, emphasizing its impact on some of the notable altcoins among this February unlock.

Altcoins Unleash: The February Token Unlocks

February’s token unlocks encompass a diverse range of projects. Key players such as Aptos (APT), Immutable (IMX), Sui (SUI), Sei Network (SEI), and Oasis Network (ROSE) are at the forefront of this movement.

SUI token unlock.

Aptos is set for a substantial release on February 12, with roughly $230 million worth of tokens poised for circulation. Despite previous unlocks, APT’s price has remained relatively stable.

Aptos (APT) token unlock.

Similarly, IMX and SUI are preparing for significant unlocks on February 23 and February 3, respectively. IMX’s unlock is valued at around $70 million, while SUI’s, worth $100 million, is particularly noteworthy as it marks its inaugural annual unlock.

SEI and ROSE are also partaking in February’s unlock, with SEI releasing $85 million worth of tokens on February 15 and ROSE’s $19 million unlock scheduled for February 18. These events come when both projects have shown modest gains in the market.

Market Performance Analysis Of Unlocked Tokens

Amid the anticipation of these altcoins unlock, SUI, IMX, and Aptos have experienced notable surges in their values, increasing by 27.3%, 10.6%, and 9.7%, respectively, over the past week. However, the last 24 hours have seen varied movements, with SUI facing a 6.4% decline, Aptos slightly up by 0.7%, and IMX reducing by a mere 0.1%.

SEI and ROSE, on the other hand, have witnessed less dramatic shifts. SEI saw a 6.4% increase over the week, while ROSE gained 5.4%. However, their 24-hour performance has diverged, with SEI dropping nearly 10% and ROSE decreasing by a marginal 0.2%.

These market performances reflect the broader crypto market trajectory, which has recently seen a 1.7% decline in the overall market cap, now at $1.72 trillion.

The global crypto market cap value on TradingView amid impending altcoins unlock

This decline is led by crypto giants Bitcoin and Ethereum, which have experienced a 1.7% and 1.8% decline in their market caps over the past 24 hours. To put this into perspective, Bitcoin’s overall market cap has dropped approximately $15 billion in the past day, falling from $856 billion yesterday to $841 billion today.

Similarly, Ethereum’s market cap has decreased by nearly $6 billion over the same period, moving from $282 billion yesterday to $276 billion today.

Featured image from Unsplash, Chart from TradingView

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Immutable Momentum: IMX Rockets To $2.21, Scaling Heights Unseen Since 2022

Immutable and its native IMX token deviate from the current cryptocurrency market downturn triggered by declines in Bitcoin and Ethereum. While most prominent gaming tokens have followed suit, experiencing a decrease in value since late Sunday, this pattern highlights the interconnected nature of digital assets.

Despite market volatility, the IMX token fights the downward pressure and continues its previous upward trajectory, demonstrating a unique resilience and potential decoupling from cryptocurrency correlation.

Immutable’s IMX Hits $2 Milestone

The trajectory of Immutable’s IMX token has been characterized by a rapid and substantial increase in value since October. This upward movement reached its zenith today, as the IMX token breached past the key $2 level.

At the time of writing, IMX was trading at $2.01, up 42% in the last seven days, data from CoinMarketCap shows.

Such a peak represents a significant milestone for the token, as it marks a level that had not been reached since April 2022. This extended duration underscores the significance of the current price surge, suggesting a notable departure from the historical price trends of the IMX token.

With a market valuation of more than $2.8 billion, Immutable X is one of the largest layer-2 networks globally. It is a network that is essential to the non-fungible token (NFT) and gaming industries.

The organization has collaborated with some of the major names in the gaming sector in the last few years. Companies like Merit Circle, Illuvium, Unity, Ubisoft, and StarkWare are a few of the most renowned partners.

In an effort to transform gaming on Beam in the future, the network has partnered with Merit Circle DAO and GameStop, two of the biggest American retailers.

In order to establish Transak as the “principal payments partner” for Immutable Checkout on the zkEVM network, Immutable established a new partnership with the payments processor on Monday.

Because of Immutable X’s low transaction costs, Ethereum-grade security, speedy transaction rates, and user-friendliness, developers adore it. Additionally, it contains all the tools required by developers to create scalable games, including Orderbook, Marketplace, Checkout, and Passport.

IMX Price Prediction

With 18 of the 30 (or 60%) green days and 11.72% price volatility over the past 30 days, Immutable X is still attracting the interest of investors. Likewise, Immutable’s future appears bright as 27 technical indicators are glowing green.

The CoinMarketCap ranking of the IMX token has increased to 29th. The spike is in reaction to VanEck’s claim that the introduction of new blockchain-based video games, such Illuvium, which is due out next year, may raise the value of the IMX token.

Immutable has also been trying to fix many of the technological pain points that have hampered the success of Web3 gaming thus far, according to VanEck.

Meanwhile, Coincodex’s current Immutable price prediction indicates that this week’s price of Immutable will fall by -7.18% to $ 0.003929.

The coin’s technical indicators show a bearish attitude at the moment, despite the Fear & Greed Index hitting 65 (Greed).

Featured image from Shutterstock

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Crypto Fund Exits BLUR For Lido And IMX—Endorsing DeFi?

According to Lookonchain data, Sigil, a fund in Gibraltar, has exited BLUR, one of this week’s top-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X–a layer-2 scaling solution primarily dedicated to NFT trading.

Sigil Fund Sells BLUR For IMX And LDO 

On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth roughly $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates. The exchange was made via multiple transactions and done on-chain.

The swap comes roughly three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund is exiting BLUR when the token has dominated performance in the last few trading days. 

To quantify, the token has more than doubled this week alone, surging to register new H2 2023 highs above $0.60. BLUR is already up 330% from its 2023 lows and continues to edge higher on rising trading volume.

BLUR price trending upward on the daily chart | Source: BLURUSDT on OKX, TradingView

The Gibraltar-based crypto investment fund’s rotation from BLUR into core governance tokens of Lido DAO and Immutable X comes when there is FOMO around the 300 million BLUR airdrop in Season 2. Still, it is not immediately clear what might have advised the fund to exit BLUR–and not simply ride the current ride–for LDO and IMX. 

In retrospect, the shift could be an endorsement of decentralized finance’s (DeFi) resilience and inherent growth prospects. The rotation of funds into DeFi tokens could also signify a focus on backing decentralized ecosystem building rather than speculative NFT mania, as is currently the case with BLUR, which is rapidly rising, spurred by the Season 2 airdrop.

LDO and IMX Are Key For DeFi And NFT

As of November 2023, Lido DAO and Immutable X are some of the core platforms driving crypto and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers a secure NFT trading infrastructure. Though recent troubles at FTX and other CeFi actors like FTX’s partner, Alameda Research, continue to cap upsides, Sigil’s allocation change is an endorsement for DeFi.

In the future, it is not immediately clear whether LDO and IMX prices will edge higher. For now, it remains on an uptrend but is generally volatile and not galloping higher like BLUR. The token is up 80% from October 2023 lows at press time. Meanwhile, IMX is extending gains at 2023 highs, looking at price action in the daily chart.

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Immutable X Cements Position With 32% Rally – How Far Is IMX Heading?

Celebrated as the paramount force in the realm of Web3 gaming, Immutable X (IMX) has emerged as the go-to blockchain, steering the course for NFTs and in-game transactions.

This blockchain powerhouse has solidified its position as the industry leader, particularly renowned for its association with blockbuster titles such as Gods Unchained and Guild of Guardians.

The native token IMX of Immutable X has had an amazing upswing, rising by an astounding 140%, in an intriguing turn of events. From the bottom of a bear market, when it was trading at under $0.50, it has made a spectacular comeback and is currently trading at a healthy $1.12.

Immutable X: Distinctive Mark On Digital Horizon

With the yearly high of $1.56, which was reached in March, rapidly approaching, it begs the crucial question: Will this increasing trend in values continue? The scene is set, the figures are moving, and analysts keep a close tab on the next developments in IMX’s financial story.

In the ever-evolving landscape of digital entertainment and blockchain technology, Immutable X has carved a niche for itself by not only powering but revolutionizing the gaming experience.

Distinguishing itself by dedicating its prowess solely to the gaming and NFT sectors, Immutable X has successfully lured projects that once called other chains home.

Immutable has recently announced a new collaboration with Ubisoft, a prominent gaming company known for its successful series such as Assassin’s Creed and Prince of Persia. This relationship marks a significant advancement for the platform.

Ubisoft’s partnership with Immutable seeks to smoothly incorporate decentralized technology into games, emphasizing player ownership and enjoyment despite recent setbacks in its NFT attempts.

In response to the recent statement made by Ubisoft, there has been a significant market rally for IMX. Over the course of the previous week, the price of the token has experienced a notable increase of more than 30%.

Strong Collaboration And ‘Digital Ownership’

Immutable CEO and co-founder James Ferguson stated that the collaboration between the two companies will provide players with “digital ownership.”

In a released statement, Ferguson expressed the intention to leverage the full strength of their ecosystem to guarantee the success of the partnership. He expressed confidence in delivering a novel and captivating experience that players will thoroughly enjoy.

Coming up to the last quarter of 2023, DigitalCoinPrice predicts a bright future for IMX, with the token rising to about $2.17.

Conversely, Coincodex presents a more negative outlook, projecting that the token will trade between $1.028443 and $1.308523 for the balance of the year.

This suggests a period of relative stability for IMX on average, with the token predicted to continue on a flat trajectory until the start of 2024.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from PlayToEarnGames.com

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Brace For Impact As $200 Million In Crypto Is Being Unlocked In October

In a sudden turn of events for what is usually expected to be a bullish month for the crypto industry, a series of token unlocks set to take place this month is now threatening this bullish momentum. With around $200 million in various altcoins expected to flood the open market, the current market rally may end up being short-lived.

$200 Million In Crypto Being Unlocked

Token tracking website Token Unlocks has revealed that around $200 million in various cryptocurrencies are being unlocked at various intervals through the course of this year. The tokens being unlocked range from SUI to Optimism to Aptos’s APT, among others.

A screenshot shared by Wu Blockchain on X (formerly Twitter) showed a list of tokens expecting large crypto unlocks in October, as well as the percentage of supply they represent and their equivalent dollar value. The first on the list is SUI.

SUI’s upcoming token unlock is by no means the largest on the list. But it is significant and will be the first to take place this month. Set to happen on October 3, 34.62 million SUI tokens (4.37% of supply) worth $17.11 million will flow into the open market.

Following this just a couple of days later on October 7 is the Immutable X (IMX) token unlock. This unlock will see another 1.55% of the total supply (18.08 million tokens) worth $10.91 million unlocked. Aptos follows five days later on October 12 with 4.54 million APT tokens accounting for 1.91% of supply and worth $25.81 million.

ApeCoin’s unlock of 15.6 million tokens will then take place on October 17. This represents 4.23% of supply and is worth $19.50 million; the third-lowest of the bunch.

The highest on the list in terms of dollar figures is the Axie Infinity token unlock. This crypto unlock will happen toward the end of the month on October 20, with 15.13 million tokens representing 11.50% of the total AXS supply. The dollar value of these tokens is $71.24 million going by current prices.

Last but not least, is another Optimism OP token unlock. It is slated for October 30 and 24.16 million tokens, similar to previous unlocks, will be brought into circulation. This translates to 3.03% of supply with a dollar value of $35.03 million.

In total, 31 crypto projects have scheduled token unlocks for the month of October. Other notable but smaller unlocks include DYDX’s $4.51 million unlock, CYBER’s $6.87 million unlock, FLOW’s $3.44 million unlock, and Space ID’s $3.98 million token unlock.

Crypto total market cap chart from Tradingview.com (Token Unlock)

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ImmutableX Makes Noise As IMX Dominates Top 50 Roster With 33% Climb

The price surge of ImmutableX (IMX) came as a surprise to the market, as the altcoin took the lead in the cryptocurrency market rally on Friday. The alternative cryptocurrency reached its highest point in 45 days and successfully transformed several resistance levels into stable support levels.

IMX reached a peak of $0.77, marking a 33% increase from its starting price. Nevertheless, this upward momentum couldn’t be maintained, and there’s now a potential threat to the breakout from a descending resistance line for IMX.

The notable surge in the price of IMX can be attributed in part to the implementation of the IMX-Korean won trading pair on Upbit, a cryptocurrency exchange based in South Korea.

Significant Boost For ImmutableX

The inclusion of this listing on Upbit resulted in a significant boost, accounting for over 35% of the global trading activity for IMX. This allowed direct trading with the Korean won and increased South Korean trader interest in BW.com.

According to data source Coingecko, the IMX-Korean won (IMX/KRW) pair listed on South Korea’s Upbit exchange accounted for roughly 20% of worldwide activity, followed by Binance’s IMX-tether (IMX/USDT) pair, which contributed 7% to total volume.

A number of Upbit wallets absorbed millions of dollars’ worth of IMX, according to the Web3 data research application Lookonchain, even though the precise reasons driving up the price are yet unknown.

Whales are essential to the dynamics of the market since they own about 87% of the circulating supply of IMX. Their presence can cause losses for other investors, and their activities have a major impact on the market.

The number of significant transactions (those over $100,000) has been quite modest in recent weeks, averaging about $7 million, with sporadic little rises occurring every few days. Whale trades barely reached $22.6 million in the last 24 hours.

At the time of writing, IMX was trading at $0.66, up 33% in the last seven days, data from crypto market tracker Coingecko shows.

IMX Derivatives Short-Selling

Meanwhile, according to the data provided by CoinGlass, there is evidence of traders actively engaging in short selling of IMX derivatives. This is evident from the notable increase in negative funding rates observed on perpetual swaps.

Despite the recent surge, the native token of ImmutableX remains far below its all-time highs recorded during the crypto market bull run at the end of last year. IMX hit an all-time high of more than $9.30 at that time.

Although the price of the IMX has demonstrated considerable strength, investors should be vigilant for indications of sustained momentum above important support levels and be wary of any potential pullbacks.

While the positive signs suggest IMX could remain a market challenger, traders should always put risk management first.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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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