Immutable

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Immutable (<a href="https://crypto.news/price/immutablex/" rel="noopener noreferrer nofollow">IMX</a>) and Bonk (<a href="https://crypto.news/price/bonk/" rel="noopener noreferrer nofollow">BONK</a>) take center stage as the global crypto market capitalization declines.&nbsp;
According to <a href="https://coinmarketcap.com/charts/#market-cap" target="_blank" rel="noopener noreferrer">data</a> from CoinMarketCap (CMC), the global cryptocurrency market cap declined by 0.7% in the past 24 hours and is currently standing at $1.8 trillion. The total digital currency daily trading volume, however, increased by 3.7%, surpassing the $45 billion mark, per CMC.&nbsp;
Despite the downward market movement, IMX gained 10.4% in the past 24 hours and is trading at $3 at the time of writing. The asset’s market cap surpassed the $4 billion mark, making it the 21st-largest cryptocurrency.&nbsp;
<figure class="wp-block-image size-large">
 <img loading="lazy" width="1024" height="347" src="https://crypto.news/app/uploads/2024/02/Immutable-X-IMX-12.55.46-12-Feb-2024-1024x347.png" alt="IMX surges 10%, BONK drops 10% as the market goes red - 23">
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 IMX price, social volume and RSI – Feb. 12 | Source: Santiment
 </figcaption>
</figure>
IMX’s 24-hour trading volume witnessed a 3.6% decline and is currently hovering around $224 million.&nbsp;
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According to data provided by Santiment, the <a href="https://crypto.news/injective-immutable-among-top-cryptocurrency-gainers/" rel="noopener noreferrer nofollow">IMX</a> social volume declined by 57% in the past 24 hours.
On the other hand, the asset’s Relative Strength Index (RSI) surged from 77 to 81.5 over the past two days. This shows that a price downturn might be on the way as there’s a high chance of whale manipulation.&nbsp;
For IMX to stay in the bullish zone, the token’s RSI would need to stay below the 60 mark.&nbsp;
Quite similarly, Bonk’s social volume also declined by 31% over the past day.&nbsp;
According to Santiment, BONK’s RSI dropped by 63 to 59.5 over the past 24 hours. The indicator suggests lower selling pressure and a lower possibility of whale manipulation.&nbsp;
<figure class="wp-block-image size-large">
 <img loading="lazy" width="1024" height="347" src="https://crypto.news/app/uploads/2024/02/Bonk-BONK-12.55.48-12-Feb-2024-1024x347.png" alt="IMX surges 10%, BONK drops 10% as the market goes red - 24">
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 BONK price, social volume and RSI – Feb. 12 | Source: Santiment
 </figcaption>
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Despite the bullish RSI, <a href="https://crypto.news/bonk-thorchain-record-price-surges-btc-zooms-past-47k/" rel="noopener noreferrer nofollow">BONK</a> is down by 10% in the past 24 hours and is trading at $0.000013 at the time of writing. The asset’s market cap still stands above the $770 million mark, holding the 87th rank among the leading cryptocurrencies.&nbsp;
Read more: <a href="https://crypto.news/top-cryptocurrencies-to-watch-this-week-btc-sol-avax/" rel="noopener noreferrer nofollow"> Top cryptocurrencies to watch this week: BTC, SOL, AVAX </a>

IMX surges 10%, BONK drops 10% as the market goes red

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Other articles published on Feb 12, 2024

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