Immutable (IMX) is preparing for a significant token release event where a total of 32.47 million IMX tokens, valued at $38 million, will enter circulation. The token release event will occur around 12:00 PM on September 6, and the released IMX tokens will be allocated to two main groups for ecosystem development and project development.
Released IMX Tokens Will Be Allocated to Ecosystem and Project Development
For ecosystem development, 15.91 million IMX tokens, representing 1.01% of the circulating supply and valued at approximately $18.62 million, will be released. For project development, 16.56 million tokens, representing 1.05% of the circulating supply and valued at an estimated $19.37 million, will be released into circulation. The token allocations to these two main groups correspond to 0.99% and 1.04% of the market value, respectively.
This upcoming token release event will take place on August 9, 2024, following a previous token release event where the same amounts of IMX tokens were released into circulation. In that event, 15.91 million IMX tokens, valued at $19.58 million and representing 1.01% of the circulating supply, were allocated for ecosystem development. This corresponded to 1.05% of the market value at that time.
For project development, 16.56 million IMX tokens, valued at $20.37 million and representing 1.05% of the circulating supply, were released. This corresponded to 1.09% of the market value at that time.
Token Release Events Should Be Closely Monitored
Token release events are critical for the ongoing development of the Immutable ecosystem, aiming to promote growth and support various projects on the platform. However, the regular release of tokens generally has a negative impact on the market. While it provides necessary funding for ecosystem and project advancements, it also increases the circulating supply, which can affect the token’s price and overall market dynamics.
Investors should be prepared for price fluctuations in altcoin IMX before and after the upcoming token release event, as it may lead to market volatility. The high value of the upcoming release in USD terms could put IMX’s price under selling pressure.
