While the price of Bitcoin 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?
Immutable (IMX) Unlocking
Immutable (IMX), an Ethereum-based NFT 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.
“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.”
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.
Future of IMX Coin
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.
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 BTC 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.
