Immutable

<p class="is-style-lead">The price of the Immutable X blockchain project token jumped by 33% in a few hours, crypto experts claim this is a result of market manipulation.</p> 
<p>On the morning of Sept. 21, the IMX token rate increased by 32.56%, according to <a href="https://www.tradingview.com/symbols/IMXUSD/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>. At the moment, the price of IMX reached $0.83, later it rolled back, and the asset is now trading at $0.64.</p> 
<p>The capitalization of the asset also increased. In a matter of hours, it jumped from $647.5 million to $887 million, according to&nbsp;<a href="https://coinmarketcap.com/currencies/immutable-x/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>. Daily trading volume increased from $17.7 million to $330 million.</p> 
<h2 class="wp-block-heading" id="what-happened-to-imx-token">What happened to IMX token</h2> 
<p>According to this data, 10.95 million IMX were transferred to the Upbit exchange from various platforms. The first tranches arrived on the night of September 21, when the rate began to rise, as confirmed by <a href="https://etherscan.io/token/0xf57e7e7c23978c3caec3c3548e3d615c346e79ff?a=0x2f77aed5b7259abd27077f9f99772addf913e62e" target="_blank" rel="noopener noreferrer nofollow">Etherscan</a> statistics.</p> 
<p>Lookonchain analysts also commented on the situation. They noted that after the jump in the rate, investors are actively selling IMX, including from a closed treasury account.</p> 
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   <p lang="en" dir="ltr">1/ The price of <a href="https://twitter.com/search?q=%24IMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$IMX</a> skyrocketed by 35% today.<br><br>We noticed that <a href="https://twitter.com/hashtag/Upbit?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Upbit</a> wallets were accumulating <a href="https://twitter.com/search?q=%24IMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$IMX</a>.<br><br>And investors/institutions were depositing <a href="https://twitter.com/search?q=%24IMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$IMX</a> to exchanges after the price increase. <a href="https://t.co/brWNourpoi" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/brWNourpoi</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1704706468560449730?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 21, 2023</a> 
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<h2 class="wp-block-heading" id="what-is-the-reason-for-the-sharp-jump-in-imx-price">What is the reason for the sharp jump in IMX price?</h2> 
<p>It is not known exactly what exactly caused the sharp rise in tokens; analysts have different reasons. Due to the rapid rise in the price of the token, journalist Colin Wu believed that someone is manipulating the price of the asset.</p> 
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   <p lang="en" dir="ltr">Korean traders are manipulating the price of IMX and driving a surge. Today, 10.95 million IMX ($8.1 million) flowed into Upbit from multiple CEXs such as Binance, OKX, Bybit, Cryptocom, Gate, etc. The price quickly rose from US$0.56 to US$1. <a href="https://t.co/JjUcqi7CKS" target="_blank" rel="noopener noreferrer nofollow">https://t.co/JjUcqi7CKS</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1704701012450455630?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 21, 2023</a> 
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<p>Another prospect for higher prices could be to take advantage of arbitrage trading by manipulating the price and then buying on one exchange and dumping it on another exchange.</p>

IMX token jumped by 33% in a few hours, experts suspect market manipulation

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