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 <p>NFT (Non-Fungible Token) platform <a rel="noopener noreferrer nofollow" title="Immutable" href="https://thebittimes.com/tag/immutable.html">Immutable</a>X’s native token, IMX, has seen a sudden surge in its market cap value. The token rallied by 35% in the last 24 hours and is up by almost 45% in the weekly charts. The rise is also coupled with a 22% increase in trading volumes, which increased to $556 million. One interesting development is that a majority of the global trade volume for IMX, 20% to be precise, comes from South Korea’s Upbit exchange.</p> 
 <p>On the other hand, Binance’s IMX-Tether trading pair accounted for only 7% of the global trade volume. This gives weight to the argument that South Korean traders are responsible for <a rel="noopener noreferrer nofollow" title="Immutable" href="https://thebittimes.com/tag/immutable.html">Immutable</a>X’s (IMX) price surge.</p> 
 <p><strong>Also Read: 95% NFTs Have a Market Cap of 0 Ether</strong></p> 
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    <p lang="en" dir="ltr">2/ Upbit has accumulated 12.53M $IMX ($9.45M) in the past 3 hours and transferred to wallet "0x2F77".<br><br>Wallet "0x2F77" currently holds 20.4M $IMX ($15M), becoming the 9th holder.https://t.co/QnQxok7iPU pic.twitter.com/SFlKQAqvAi</p>— Lookonchain (@lookonchain) September 21, 2023 
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 <p>According to crypto <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> firm LookOnChain, Upbit wallets accumulated $9.45 million worth of IMX in just three hours. Furthermore, open interest in IMX also saw an increase amid the price surge. According to the data on CoinGlass, the number of open positions rose by over 700%, currently at $106 million.</p> 
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  <img decoding="async" width="1024" height="327" src="https://cdn.thebittimes.com/images/2023/09/21/0ecb711696f2aa190e5bde621ecc5725.webp" alt class="wp-image-112820" srcset="https://cdn.thebittimes.com/images/2023/09/21/0ecb711696f2aa190e5bde621ecc5725.webp 1024w, https://cdn.thebittimes.com/images/2023/09/21/0ecb711696f2aa190e5bde621ecc5725.webp 300w, https://cdn.thebittimes.com/images/2023/09/21/0ecb711696f2aa190e5bde621ecc5725.webp 768w, https://cdn.thebittimes.com/images/2023/09/21/0ecb711696f2aa190e5bde621ecc5725.webp 1536w, https://cdn.thebittimes.com/images/2023/09/21/0ecb711696f2aa190e5bde621ecc5725.webp 380w, https://cdn.thebittimes.com/images/2023/09/21/0ecb711696f2aa190e5bde621ecc5725.webp 550w, https://cdn.thebittimes.com/images/2023/09/21/0ecb711696f2aa190e5bde621ecc5725.webp 800w, https://cdn.thebittimes.com/images/2023/09/21/0ecb711696f2aa190e5bde621ecc5725.webp 1160w, https://cdn.thebittimes.com/images/2023/09/21/0ecb711696f2aa190e5bde621ecc5725.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: CoinGlass 
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 <h3 class="wp-block-heading" id="h-why-is-immutablex-imx-surging">Why is ImmutableX (IMX) surging?</h3> 
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  <img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/09/21/4b12651efc8e1f317e449b13018b0f9b.webp" alt class="wp-image-112593" srcset="https://cdn.thebittimes.com/images/2023/09/21/4b12651efc8e1f317e449b13018b0f9b.webp 1024w, https://cdn.thebittimes.com/images/2023/09/21/4b12651efc8e1f317e449b13018b0f9b.webp 300w, https://cdn.thebittimes.com/images/2023/09/21/4b12651efc8e1f317e449b13018b0f9b.webp 768w, https://cdn.thebittimes.com/images/2023/09/21/4b12651efc8e1f317e449b13018b0f9b.webp 380w, https://cdn.thebittimes.com/images/2023/09/21/4b12651efc8e1f317e449b13018b0f9b.webp 550w, https://cdn.thebittimes.com/images/2023/09/21/4b12651efc8e1f317e449b13018b0f9b.webp 800w, https://cdn.thebittimes.com/images/2023/09/21/4b12651efc8e1f317e449b13018b0f9b.webp 1160w, https://cdn.thebittimes.com/images/2023/09/21/4b12651efc8e1f317e449b13018b0f9b.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: Mashable 
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 <p>Nonetheless, it is still unclear as to why the token has seen a sudden rise among South Korean investors. It is possible that the platform’s involvement in global blockchain and web3 gaming events may have had a hand in its sudden rise in popularity in South Korea, which is a global gaming hub. The firm participated at the Animoca Brands investor day in Sydney recently and the major crypto conference Token 2049 in Singapore. Additionally, it is also heading to the Tokyo Game Show 2023 which will be held from Sept. 21- Sept. 24, 2023. </p> 
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    <p lang="en" dir="ltr">#<a rel="noopener noreferrer nofollow" title="Immutable" href="https://thebittimes.com/tag/immutable.html">Immutable</a> is headed to Tokyo Game Show 2023! <br><br>Press Play: The future of gaming continues on September 21st – September 24th! pic.twitter.com/PpSqwr1FGk</p>— Immutable (@Immutable) September 20, 2023 
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 <p>Web3 gaming is one of the few sectors that did not take a hit during the crypto meltdown. This is most likely because gaming is more of a recreational activity than a profit-making activity, although gamers do make money from play-to-earn games. Moreover, web3 gaming has seen a big spike in popularity and funding over the past few months. Reports suggest that the industry could surge by many billions by the end of this decade. At press time, <a rel="noopener noreferrer nofollow" title="Immutable" href="https://thebittimes.com/tag/immutable.html">Immutable</a>X (IMX) was trading at $0.705720, down by 2% in the last hour.</p> 
 <p><strong>Also Read: Crypto: Blockchain Gaming Received $297 Million Funds in July</strong></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/nft-immutablex-imx-gains-35-oi-rises-700-tbt63471.html">https://thebittimes.com/nft-immutablex-imx-gains-35-oi-rises-700-tbt63471.html</a></p>

NFT: ImmutableX (IMX) Gains 35%, OI Rises 700%

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