When it comes to cryptocurrencies, one of the significant events that come to mind is undoubtedly token unlocks. The fate of hundreds of projects continues to be shaped with the unlocking of tokens at predetermined dates. Investors continue to take into account these and similar developments while investing in projects. In this context, the tokens to be unlocked at 03:00 tonight on Immutable (IMX) could have a significant impact on the future of the project.
IMX Token Unlock Event
To talk about what the Immutable project initially is, it is described as the first layer-2 scaling solution for NFTs created on Ethereum. IMX, the native token of Immutable, has been closely monitored by investors since its emergence in 2021.
IMX, which managed to get a share from the strong recovery in the crypto world last year, experienced a strong price increase of 237% over the last year. The token unlock that will take place in the coming hours amidst this price recovery could have a significant impact on the future of the project.
Tonight at 03:00, the lock on approximately 2.51% of the total supply, which is 34.19 million IMX, will be released, and its market value was calculated to be over 113 million dollars at the time of writing.
It is known that the same amount of tokens was unlocked in January of this year, and there are still about 635 million tokens that will cause this situation to be repeated.
Generally, these token unlock events can trigger price drops in the market due to the pressure of increased supply.
What is the Current Price of IMX?
At the time of writing, before the unlock, the IMX token was trading at $3.30, representing a 1.78% increase over the last 24 hours. The overall market volume of IMX also saw an increase of 1.53%, surpassing 4.5 billion dollars. This volume places it at the 21st position in the market ranking, only 200 million dollars away from LTC.
On the other hand, a 4% increase in the 24-hour trading volume was observed before the unlock, and the value exceeded 115 million dollars after the increase. This increase in trading volume can be interpreted as a sign that individuals closely following the altcoin are continuing their close monitoring.
Considering that the coin, which rose to $9.5 during the last bull run and then experienced a significant drop, is far from its ATH, the effects of such token unlocks will become clearer in the coming days.
