Future

Immutable

Bitcoin

Coin

While the price of <a href="https://en.coin-turk.com/key-developments-of-the-week-in-cryptocurrencies/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> is struggling to close at around $28,500, a popular altcoin has delivered some good news. The year 2023 has been an inflationary period with increased circulation supply for many altcoins. This has led to the emergence of new all-time low levels due to low investor demand. So, which altcoin team brought the good news today?
<h2 style="text-align: justify" id="immutable-imx-unlocking">Immutable (IMX) Unlocking</h2>
Immutable (IMX), an Ethereum-based <a href="https://en.coin-turk.com/ethereum-and-nft-market-blur-blends-performance-sparks-new-hope/" data-wpel-link="internal" rel="noopener noreferrer nofollow">NFT</a> scaling solution, has announced its plans for unlocking tokens today. The unlocking of 125 million IMX Coins has been postponed to July 2024. This news, which delighted the community in the challenging bear market environment, has eliminated at least $67 million of additional selling pressure.
Robbie Ferguson, co-founder of Immutable, explained in today’s announcement that they made this decision due to their long-term goals.
<blockquote>
 “At least when we finally decide to unlock these tokens, it should not send the price into a cliff. We will distribute them over time with a linear monthly vesting program.”
</blockquote>
<img decoding="async" class="size-full wp-image-267460 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/IMX-Coin-Kilit-Acilis.png" alt="" width="667" height="402">
There are over 200 games built on Immutable. Ferguson also reassured investors about the project’s long-term goals, mentioning that the project treasury has a plan for approximately four years for its 270 staff members. 52% of the 2 billion tokens were allocated for developer and ecosystem incentives.
<h2 style="text-align: justify" id="future-of-imx-coin">Future of IMX Coin</h2>
In March 2022, the team raised $200 million in a Series C financing round led by Temasek, a Singaporean state-owned investment firm, including Tencent and many other giants. With today’s news, optimism about the token’s medium and long-term price performance has been supported.
<img decoding="async" class="size-full wp-image-267461 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/IMXUSDT_2023-10-17_19-52-52-1.png" alt="" width="1814" height="847">
As for the price, the news of the unlocking delay did not trigger a sustained increase. At the time of writing, IMX is trading at $0.53 due to fluctuations in the <a href="https://en.coin-turk.com/breaking-news-why-is-bitcoin-falling-lost-28000-the-reason-for-cryptocurrency-decline/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> price. As long as the $0.52 region is maintained, we may not see further losses.
However, for an upward movement, it will be necessary to reclaim the $0.6 and $0.65 regions with closes above $0.57. After recovering from the low point on September 13, IMX Coin experienced rapid losses after losing the horizontal support level of $0.69. To resume the upward trend, this region needs to be converted back into support. Continue Reading: <a href="https://en.coin-turk.com/good-news-from-immutable-imx-team-unlocking-of-tokens-delayed/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/good-news-from-immutable-imx-team-unlocking-of-tokens-delayed/</a>

Good News from Immutable (IMX) Team: Unlocking of Tokens Delayed

Table of Contents

COINTURK NEWS

Other articles published on Oct 17, 2023

Binance.US halts direct dollar withdrawals amid regulatory scrutiny

Empowering Innovation: DNERO Protocol Launches in El Salvador, Pioneering Blockchain and Crypto T...

US Government Restricts Nvidia’s Product Shipments to China, These 5 Altcoins Could Benefit

XYO (XYO) Price Prediction 2024, 2025, 2030, 2040, and 2050

Polygon’s MATIC Flashes Bullish Signal As Netflow Becomes Negative: What’s Next For MATIC Price?

SEC Unveils 2024 Examination Priorities Report

Join our free newsletter for daily crypto updates!